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Grupo Aeroportuario del Pacifico Announces Results for the Second Quarter of 2024

GUADALAJARA, Mexico, July 22, 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 second quarter ended June 30, 2024 (2Q24). Figures are unaudited and prepared following International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

Summary of Results 2Q24 vs. 2Q23

Company’s Financial Position:

During 2Q24, there was a decrease in the Company’s income from operations compared to 2Q23, mainly due to the decrease in aeronautical revenues derived from the decline in passenger traffic, as a result of preventive reviews of Pratt & Whitney A320neo and A321neo engines, that started in the third quarter of 2023, offset by an increase in non-aeronautical revenues of 10.6%, compared to the same period in 2023. The Company reports a financial position of cash and cash equivalents as of June 30, 2024, of Ps. 12,584.9 million. During 2Q24, the Company drawdown a credit line with BBVA México, S.A., for Ps. 875.0 million for the acquisition of 51.5% of the shares representing the capital stock of the company Guadalajara World Trade Center, S.A. of C.V. (GWTC). In addition, refinanced two credit facilities with Citibanamex for a total of Ps. 2,500.0 million.

Passenger Traffic
During 2Q24, total passengers at the Company’s 14 airports decreased by 621.6 thousand passengers, a decrease of 3.9%, compared to 2Q23.

During 2Q23, the following new routes were opened:

Domestic        
         
Airline Departure Arrival Opening date Frequencies
Mexicana Guadalajara Los Cabos April 1, 2024 4 weekly
Viva Aerobus Los Cabos Felipe Ángeles April 2, 2024 1 daily
Note: Frequencies can vary without prior notice.
         
         
International        
Airline Departure Arrival Opening date Frequencies
Frontier Puerto Vallarta Dallas-Fort Worth May 16, 2024 2 weekly
Frontier Los Cabos Phoenix May 16, 2024 2 weekly
Flair Guadalajara Vancouver May 31, 2024 2 weekly
Note: Frequencies can vary without prior notice.
Domestic Terminal Passengers – 14 airports (in thousands):          
Airport 2Q23 2Q24 Change 6M23 6M24 Change
Guadalajara 3,174.4 2,994.8 (5.7 %) 6,133.2 5,666.5 (7.6 %)
Tijuana * 2,236.9 2,097.8 (6.2 %) 4,303.3 4,083.4 (5.1 %)
Los Cabos 741.1 690.6 (6.8 %) 1,411.7 1,328.3 (5.9 %)
Puerto Vallarta 758.0 742.6 (2.0 %) 1,397.6 1,317.4 (5.7 %)
Montego Bay 0.0 0.0 0.0 % 0.0 0.0 0.0 %
Guanajuato 559.3 514.3 (8.1 %) 1,066.6 998.2 (6.4 %)
Hermosillo 521.6 531.0 1.8 % 995.6 988.5 (0.7 %)
Kingston 0.4 0.5 35.2 % 0.6 1.1 94.0 %
Mexicali 380.6 226.3 (40.5 %) 727.2 514.6 (29.2 %)
Morelia 201.2 153.3 (23.8 %) 388.0 299.5 (22.8 %)
La Paz 284.0 288.1 1.4 % 510.6 559.4 9.6 %
Aguascalientes 156.4 166.2 6.3 % 307.0 308.6 0.5 %
Los Mochis 118.8 141.8 19.4 % 213.1 268.0 25.8 %
Manzanillo 25.7 30.3 17.9 % 52.8 66.2 25.5 %
Total 9,158.3 8,577.6 (6.3 %) 17,507.3 16,399.8 (6.3 %)
*Cross Border Xpress (CBX) users are classified as international passengers.
 
             
International Terminal Passengers – 14 airports (in thousands):        
Airport 2Q23 2Q24 Change 6M23 6M24 Change
Guadalajara 1,290.6 1,369.9 6.1 % 2,506.7 2,860.0 14.1 %
Tijuana * 1,113.0 981.7 (11.8 %) 2,160.6 1,934.0 (10.5 %)
Los Cabos 1,222.3 1,199.9 (1.8 %) 2,603.5 2,607.8 0.2 %
Puerto Vallarta 886.7 897.6 1.2 % 2,264.8 2,441.5 7.8 %
Montego Bay 1,305.9 1,284.9 (1.6 %) 2,656.8 2,742.4 3.2 %
Guanajuato 210.7 242.2 14.9 % 418.1 489.3 17.0 %
Hermosillo 17.6 20.3 14.8 % 36.7 43.6 18.7 %
Kingston 435.4 419.2 (3.7 %) 829.5 810.6 (2.3 %)
Mexicali 2.0 2.1 7.9 % 3.5 3.8 7.2 %
Morelia 143.3 156.8 9.4 % 294.9 313.9 6.5 %
La Paz 4.0 2.9 (27.5 %) 7.7 6.1 (20.4 %)
Aguascalientes 72.6 81.7 12.5 % 132.8 151.2 13.9 %
Los Mochis 1.7 2.0 15.4 % 3.5 4.0 14.5 %
Manzanillo 11.9 15.9 33.6 % 42.7 56.1 31.6 %
Total 6,717.8 6,677.1 (0.6 %) 13,961.9 14,464.4 3.6 %
*CBX users are classified as international passengers.
             
             
Total Terminal Passengers – 14 airports (in thousands):          
Airport 2Q23 2Q24 Change 6M23 6M24 Change
Guadalajara 4,465.0 4,364.7 (2.2 %) 8,639.9 8,526.5 (1.3 %)
Tijuana * 3,349.9 3,079.5 (8.1 %) 6,463.9 6,017.4 (6.9 %)
Los Cabos 1,963.4 1,890.5 (3.7 %) 4,015.2 3,936.2 (2.0 %)
Puerto Vallarta 1,644.7 1,640.2 (0.3 %) 3,662.4 3,758.9 2.6 %
Montego Bay 1,305.9 1,284.9 (1.6 %) 2,656.8 2,742.4 3.2 %
Guanajuato 770.1 756.5 (1.8 %) 1,484.7 1,487.5 0.2 %
Hermosillo 539.2 551.2 2.2 % 1,032.3 1,032.0 (0.0 %)
Kingston 435.8 419.8 (3.7 %) 830.1 811.8 (2.2 %)
Mexicali 382.6 228.5 (40.3 %) 730.7 518.4 (29.1 %)
Morelia 344.6 310.1 (10.0 %) 682.9 613.4 (10.2 %)
La Paz 288.0 291.0 1.0 % 518.3 565.6 9.1 %
Aguascalientes 229.0 247.9 8.3 % 439.8 459.8 4.5 %
Los Mochis 120.5 143.8 19.4 % 216.6 272.0 25.6 %
Manzanillo 37.6 46.2 22.9 % 95.4 122.4 28.2 %
Total 15,876.1 15,254.7 (3.9 %) 31,469.1 30,864.2 (1.9 %)
*CBX users are classified as international passengers.
             
             
CBX Users (in thousands):          
Airport 2Q23 2Q24 Change 6M23 6M24 Change
Tijuana 1,103.3 965.7 (12.5 %) 2,142.7 1,907.6 (11.0 %)
 
Consolidated Results for the Second Quarter of 2024 (in thousands of pesos):
  2Q23 2Q24 Change
Revenues      
Aeronautical services 4,939,681   4,560,960   (7.7 %)
Non-aeronautical services 1,556,984   1,722,735   10.6 %
Improvements to concession assets (IFRIC-12) 1,862,976   975,327   (47.6 %)
Total revenues 8,359,641   7,259,022   (13.2 %)
       
Operating costs      
Costs of services: 1,034,528   1,213,842   17.3 %
Employee costs 435,239   490,716   12.7 %
Maintenance 161,331   180,485   11.9 %
Safety, security & insurance 155,476   199,802   28.5 %
Utilities 118,412   130,036   9.8 %
Business operated directly by us 62,936   72,549   15.3 %
Other operating expenses 101,134   140,254   38.7 %
       
Technical assistance fees 220,479   202,174   (8.3 %)
Concession taxes 657,228   678,595   3.3 %
Depreciation and amortization 621,155   687,351   10.7 %
Cost of improvements to concession assets (IFRIC-12) 1,862,976   975,327   (47.6 %)
Other (income) 7,652   (9,042 ) (218.2 %)
Total operating costs 4,404,018   3,748,247   (14.9 %)
Income from operations 3,955,623   3,510,775   (11.2 %)
Financial Result (508,135 ) (663,157 ) 30.5 %
Income before income taxes 3,447,488   2,847,618   (17.4 %)
Income taxes (959,062 ) (594,903 ) (38.0 %)
Net income 2,488,426   2,252,715   (9.5 %)
Currency translation effect (381,807 ) 659,054   (272.6 %)
Cash flow hedges, net of income tax (54,924 ) (20,164 ) (63.3 %)
Remeasurements of employee benefit – net income tax 318   2,276   615.7 %
Comprehensive income 2,052,013   2,893,881   41.0 %
Non-controlling interest (4,355 ) (95,925 ) 2102.4 %
Comprehensive income attributable to controlling interest 2,047,657   2,797,956   36.6 %
       
       
  2Q23 2Q24 Change
EBITDA 4,576,778   4,198,126   (8.3 %)
Comprehensive income 2,052,013   2,893,881   41.0 %
Comprehensive income per share (pesos) 4.0353   5.7273   41.9 %
Comprehensive income per ADS (US dollars) 2.4372   3.4591   41.9 %
       
Operating income margin 47.3 % 48.4 % 2.2 %
Operating income margin (excluding IFRIC-12) 60.9 % 55.9 % (8.2 %)
EBITDA margin 54.7 % 57.8 % 5.6 %
EBITDA margin (excluding IFRIC-12) 70.4 % 66.8 % (5.2 %)
Costs of services and improvements / total revenues 34.7 % 30.2 % (13.0 %)
Cost of services / total revenues (excluding IFRIC-12) 15.9 % 19.3 % 21.3 %
       
– Net income and comprehensive income per share for 2Q24 and 2Q23 were calculated based on 505,277,464 shares outstanding as of June 30, 2024, and June 30, 2023, respectively. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 18.2610 per U.S. dollar (the noon buying rate on June 28, 2024, 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. 17.2106 per U.S. dollar for the three months ended June 30, 2024, was used.


Revenues (2Q24 vs. 2Q23)

  2Q23 2Q24 Change
Businesses operated by third parties:      
Food and beverage 260,242 290,715 11.7 %
Car rental 139,456 204,578 46.7 %
Duty-free 195,434 183,384 (6.2 %)
Retail 184,636 159,927 (13.4 %)
Leasing of space 88,315 120,804 36.8 %
Other commercial revenues 43,951 60,577 37.8 %
Times shares 59,020 55,367 (6.2 %)
Ground transportation 47,684 46,676 (2.1 %)
Communications and financial services 29,893 27,559 (7.8 %)
Total 1,048,632 1,149,586 9.6 %
       
Businesses operated directly by us:      
Car parking 174,304 169,356 (2.8 %)
Convenience stores 133,534 135,464 1.4 %
VIP Lounges 107,932 120,862 12.0 %
Advertising 37,490 42,400 13.1 %
Hangar sublease and related services 31,777 100.0 %
Hotel operation 18,608 100.0 %
Total 453,261 518,467 14.4 %
Recovery of costs 55,091 54,681 (0.7 %)
Total Non-aeronautical Revenues 1,556,984 1,722,735 10.6 %
       
Figures expressed in thousands of Mexican pesos.      
  1. Improvements to concession assets at the Company’s Mexican airports, which decreased by Ps. 932.0 million, or 51.1%, following investments under the Master Development Program for the 2020-2024 period.
  2. Improvements to concession assets at the Company’s Jamaican airports, which increased Ps. 44.3 million, or 111.5%.

_____________________________
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 decreased by Ps. 655.8 million, or 14.9%, compared to 2Q23, mainly due to the decrease in the cost of improvements to concession assets (IFRIC-12) by Ps. 887.6 million. This was offset by an increase in the cost of services of Ps. 179.3 million, or 17.3%, a Ps. 66.2 million, or 10.7% increase in depreciation and amortization, and a combined increase of Ps. 3.0 million, or 3.0%, in concession taxes and technical assistance fees (excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased Ps. 231.9 million, or 9.1%).

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

Mexican airports:

The change in the cost of services at our Mexican airports during 2Q24 was mainly due to:

Jamaican Airport:

Operating income margin went from 47.3% in 2Q23 to 48.4% in 2Q24. Excluding the effects of IFRIC-12, the operating income margin went from 60.9% in 2Q23 to 55.9% in 2Q24. Income from operations decreased by Ps. 444.8 million, or 11.2%, compared to 2Q23.

EBITDA margin went from 54.7% in 2Q23 to 57.8% in 2Q24. Excluding the effects of IFRIC-12, EBITDA margin went from 70.4% in 2Q23 to 66.8% in 2Q24. The nominal value of EBITDA decreased by Ps. 378.7 million, or 8.3%, compared to 2Q23.

Financial results increased by Ps. 155.0 million, or 30.5%, from a net expense of Ps. 508.1 million in 2Q23 to a net expense of Ps. 663.1 million in 2Q24. This change was mainly the result of:

In 2Q24, comprehensive income increased by Ps. 841.9 million, or 41.0%, compared to 2Q23. Income before taxes decreased by Ps. 599.9 million, mainly due to the decrease in passenger traffic and partially offset by the revenues generated by the commercial strategy. This decrease generated a decrease in the tax income of Ps. 364.2 million. Net and comprehensive income increased mainly due to the increase of the effect of foreign currency translation by Ps. 1,040.9 million.

During 2Q24, net income decreased by Ps. 235.7 million, or 9.5%, compared to 2Q23. Taxes for the period decreased by Ps. 364.2 million, tax income decreased by Ps. 26.7 million and the benefit for deferred taxes increased by Ps. 337.5 million, mainly due to the application of fiscal losses for Ps. 347.3 million, offset by a decrease in the inflationary effects, that went from an inflation rate of 0.2% in 2Q23 to 0.1% in 2Q24.

Consolidated Results for the Six Months of 2024 (in thousands of pesos):
  6M23 6M24 Change
Revenues      
Aeronautical services 9,968,355   9,523,062   (4.5 %)
Non-aeronautical services 3,027,867   3,417,140   12.9 %
Improvements to concession assets (IFRIC-12) 3,703,338   2,813,789   (24.0 %)
Total revenues 16,699,561   15,753,991   (5.7 %)
       
Operating costs      
Costs of services: 2,001,166   2,285,769   14.2 %
Employee costs 832,173   949,877   14.1 %
Maintenance 306,998   342,282   11.5 %
Safety, security & insurance 322,954   382,022   18.3 %
Utilities 222,663   236,008   6.0 %
Business operated directly by us 112,095   146,160   30.4 %
Other operating expenses 34,173   229,420   571.4 %
       
Technical assistance fees 442,717   426,536   (3.7 %)
Concession taxes 1,266,621   1,393,211   10.0 %
Depreciation and amortization 1,239,226   1,350,300   9.0 %
Cost of improvements to concession assets (IFRIC-12) 3,703,338   2,813,789   (24.0 %)
Other (income) 12,796   (12,392 ) (196.8 %)
Total operating costs 8,665,865   8,257,212   (4.7 %)
Income from operations 8,033,696   7,496,778   (6.7 %)
Financial Result (1,182,435 ) (1,256,892 ) 6.3 %
Income before income taxes 6,851,260   6,239,887   (8.9 %)
Income taxes (1,797,604 ) (1,516,453 ) (15.6 %)
Net income 5,053,656   4,723,435   (6.5 %)
Currency translation effect (814,582 ) 367,782   (145.1 %)
Cash flow hedges, net of income tax (37,751 ) (35,403 ) (6.2 %)
Remeasurements of employee benefit – net income tax 599   2,229   272.1 %
Comprehensive income 4,201,923   5,058,042   20.4 %
Non-controlling interest (8,217 ) (127,642 ) 1453.4 %
Comprehensive income attributable to controlling interest 4,193,707   4,930,402   17.6 %
       
       
  6M23 6M24 Change
EBITDA 9,272,922   8,847,079   (4.6 %)
Comprehensive income 4,201,923   5,058,042   20.4 %
Comprehensive income per share (pesos) 8.2632   10.0104   21.1 %
Comprehensive income per ADS (US dollars) 4.9906   6.0459   21.1 %
       
Operating income margin 48.1 % 47.6 % (1.1 %)
Operating income margin (excluding IFRIC-12) 61.8 % 57.9 % (6.3 %)
EBITDA margin 55.5 % 56.2 % 1.1 %
EBITDA margin (excluding IFRIC-12) 71.4 % 68.4 % (4.2 %)
Costs of services and improvements / total revenues 34.2 % 32.4 % (5.2 %)
Cost of services / total revenues (excluding IFRIC-12) 15.4 % 17.7 % 14.7 %
       
– Net income and comprehensive income per share for 6M24 and 6M23 were calculated based on 505,277,464 shares outstanding as of June 30, 2024, and June 30, 2023. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 18.2610 per U.S. dollar (the noon buying rate on June 28, 2024, as published by the U.S. Federal Reserve Board).
– For purposes of the consolidation of the airports in Jamaica, the average six-month exchange rate of Ps. 17.1042 per U.S. dollar for the six months ended June 30, 2024, was used.


Revenues (6M24 vs. 6M23)

  6M23 6M24 Change
Businesses operated by third parties:      
Food and beverage 498,691 588,081 17.9 %
Car rentals 282,864 403,176 42.5 %
Duty-free 390,019 368,037 (5.6 %)
Retail 355,770 341,779 (3.9 %)
Leasing of space 173,334 207,277 19.6 %
Other commercial revenues 87,662 113,833 29.9 %
Time shares 116,383 110,747 (4.8 %)
Ground transportaton 98,405 93,522 (5.0 %)
Communications and financial services 59,506 54,078 (9.1 %)
Total 2,062,635 2,280,531 10.6 %
       
Businesses operated directly by us:      
Car parking 341,061 346,732 1.7 %
Convenience stores 231,754 283,378 22.3 %
VIP Lounges 213,978 231,941 8.4 %
Advertising 64,119 77,807 21.3 %
Hangar sublease and related services 62,994 100.0 %
Hotel operation 18,608 100.0 %
Total 850,911 1,021,460 20.0 %
Recovery of costs 114,322 115,149 0.7 %
Total Non-aeronautical Revenues 3,027,867 3,417,140 12.9 %
       
Figures expressed in thousands of Mexican pesos.      
  1. The Company’s Mexican airports, which decreased by Ps. 972.1 million, or 26.7%, following the investments under the Master Development Program for 2020-2024 period.
  2. Improvements to concession assets at the Company’s Jamaican airports, which increased Ps. 82.5 million, or 143.0%.

Total operating costs decreased by Ps. 408.7 million, or 4.7%, compared to 6M23, mainly due to a Ps. 889.5 million, or 24.0% decrease in the cost of improvements to the concession assets (IFRIC-12). This was offset by an increase in the cost of services by Ps. 284.6 million, or 14.2%, a Ps. 111.1 million, or 9.0%, increase in depreciation and amortization, and a combined increase in concession taxes and technical assistance fees by Ps. 110.4 million, or 6.5% (excluding the cost of improvements to concession assets, operating costs increased Ps. 480.9 million, or 9.7%).

_____________________________
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.

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

Mexican Airports:

The change in the cost of services during 6M24 was mainly due to:

Jamaican Airports:

Operating margin went from 48.1% in 6M23 to 47.6% in 6M24. Excluding the effects of IFRIC-12, the operating margin went from 61.8% in 6M23 to 57.9% in 6M24. Operating income decreased Ps. 536.9 million, or 6.7%, compared to 6M23.

EBITDA margin went from 55.5% in 6M23 to 56.2% in 6M24. Excluding the effects of IFRIC-12, EBITDA margin went from 71.4% in 6M23 to 68.4% in 6M24. The nominal value of EBITDA decreased Ps. 425.8 million, or 4.6%, compared to 6M23.

Financial cost increased by Ps. 74.5 million, or 6.3%, from a net expense of Ps. 1,182.5 million in 6M23 to a net expense of Ps. 1,257.0 million in 6M24. This change was mainly the result of:

In 6M24, comprehensive income increased by Ps. 856.1 million, or 20.4%, compared to 6M23. Income before taxes decreased by Ps. 611.4 million, mainly due to the decrease in traffic, offset by the increase in non-aeronautical revenues resulting from the commercial strategy. Income taxes decreased by Ps. 281.2 million. However, net and comprehensive income increased mainly due to the increase of the effect of foreign currency translation in Ps. 1,182.4 million.

During 6M24, net income decreased by Ps. 330.2 million, or 6.5%, compared to 6M23. Taxes for the period decreased by Ps. 281.2 million, income taxes increased by Ps. 33.7 million, and the benefit for deferred taxes increased by Ps. 314.8 million, mainly due to the application of fiscal losses by Ps. 347.3 million, offset by the decrease in the inflation rate, from 1.5% in 6M23 to 1.4% in 6M24.

Statement of Financial Position

Total assets as of June 30, 2024 increased by Ps. 6,685.6 million compared to June 30, 2023, primarily due to the following items: (i) a Ps. 6,241.8 million increase in net improvements to concession assets; (ii) a Ps. 730.9 million increase in deferred taxes, (iii) a Ps. 621.4 million increase in net machinery, equipment, and leasehold improvements, (iv) a Ps. 408.0 million increase in other current assets, (v) a Ps. 174.0 million increase in account receivables. This was offset by a decrease in cash and cash equivalents by Ps. 2,336.1 million.

Total liabilities as of June 30, 2024, increased by Ps. 4,317.3 million compared to June 30, 2023. This increase was primarily due to the following items: (i) Ps. 2,338.9 million in bank loans, (ii) Ps. 1,449.7 million in dividends to be paid, and (iii) Ps. 435.6 million increase in income taxes.

Recent events

GWTC Acquisition

On June 11, 2024, GAP acquired 51.5% of the shares representing the capital stock of the company Guadalajara World Trade Center, S.A. de C.V. (“GWTC”), for a total amount of Ps. 875.5 million.

GWTC is a group consisting of seven companies that specialize in handling, storage, and custody services for international cargo. These services are provided in facilities classified as free trade zone (recinto fiscal) at Guadalajara Airport and Puebla Airport. This acquisition was closed on June 20, 2024, with the payment of the aforementioned amount.

GWTC will be consolidated as of July 1st of this year, the date on which control of the entity was assumed.

Revised Guidance

In accordance with the results as of June 30, 2024, as well as traffic growth expectations, the Company updates the growth guidance for the year 2024:

GUIDANCE 2024 vs 2023
Passenger traffic (5%) – (3%)
Aeronautical revenues (4%) – (2%)
Non-aeronautical revenues 20% – 22%
Total Revenue 2% – 4%
EBITDA (1%) – 1%
Margin EBITDA 67% +- 1%
CAPEX Ps. 9.0 billion


Company Description

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

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

This press release may contain forward-looking statements. These statements are statements that are not historical facts and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance, and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations, and the factors or trends affecting financial condition, liquidity, or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to 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 2Q23 2Q24 Change 6M23 6M24 Change
Guadalajara            
Aeronautical services 1,350,769 1,268,040   (6.1 %) 2,660,000 2,564,649 (3.6 %)
Non-aeronautical services 255,604 317,441   24.2 % 497,278 627,732 26.2 %
Improvements to concession assets (IFRIC 12) 828,734 402,305   (51.5 %) 1,657,468 1,206,914 (27.2 %)
Total Revenues 2,435,108 1,987,785   (18.4 %) 4,814,745 4,399,296 (8.6 %)
Operating income 1,129,369 1,105,607   (2.1 %) 2,252,481 2,357,430 4.7 %
EBITDA 1,243,711 1,238,723   (0.4 %) 2,479,274 2,615,084 5.5 %
             
Tijuana            
Aeronautical services 739,753 691,854   (6.5 %) 1,419,294 1,330,342 (6.3 %)
Non-aeronautical services 155,897 137,398   (11.9 %) 302,604 290,551 (4.0 %)
Improvements to concession assets (IFRIC 12) 140,836 55,659   (60.5 %) 281,673 166,976 (40.7 %)
Total Revenues 1,036,487 884,911   (14.6 %) 2,003,572 1,787,869 (10.8 %)
Operating income 542,577 416,606   (23.2 %) 1,084,159 910,293 (16.0 %)
EBITDA 638,273 532,909   (16.5 %) 1,281,278 1,139,124 (11.1 %)
             
Los Cabos            
Aeronautical services 784,131 678,207   (13.5 %) 1,607,142 1,460,930 (9.1 %)
Non-aeronautical services 306,352 333,646   8.9 % 606,079 651,689 7.5 %
Improvements to concession assets (IFRIC 12) 249,608 99,521   (60.1 %) 499,216 298,562 (40.2 %)
Total Revenues 1,340,091 1,111,374   (17.1 %) 2,712,436 2,411,181 (11.1 %)
Operating income 728,539 592,449   (18.7 %) 1,564,602 1,428,213 (8.7 %)
EBITDA 810,393 681,734   (15.9 %) 1,726,906 1,607,296 (6.9 %)
             
Puerto Vallarta            
Aeronautical services 653,046 554,172   (15.1 %) 1,457,307 1,386,173 (4.9 %)
Non-aeronautical services 154,164 156,084   1.2 % 312,396 324,160 3.8 %
Improvements to concession assets (IFRIC 12) 403,557 247,818   (38.6 %) 807,114 743,455 (7.9 %)
Total Revenues 1,210,767 958,074   (20.9 %) 2,576,817 2,453,787 (4.8 %)
Operating income 524,201 382,539   (27.0 %) 1,242,447 1,184,206 (4.7 %)
EBITDA 577,211 436,696   (24.3 %) 1,352,465 1,293,055 (4.4 %)
             
Montego Bay            
Aeronautical services 451,848 451,015   (0.2 %) 956,994 965,270 0.9 %
Non-aeronautical services 199,883 199,927   0.0 % 398,583 398,845 0.1 %
Improvements to concession assets (IFRIC 12) 39,852 39,954   0.3 % 55,041 80,681 46.6 %
Total Revenues 691,584 690,896   (0.1 %) 1,410,619 1,444,797 2.4 %
Operating income 226,072 250,207   10.7 % 536,691 541,105 0.8 %
EBITDA 345,161 321,002   (7.0 %) 776,096 681,708 (12.2 %)
             
             
Exhibit A: Operating results by airport (in thousands of pesos):
Airport 2Q23 2Q24 Change 6M23 6M24 Change
Guanajuato            
Aeronautical services 229,118 209,686   (8.5 %) 443,007 428,065 (3.4 %)
Non-aeronautical services 47,585 46,658   (1.9 %) 89,476 92,604 3.5 %
Improvements to concession assets (IFRIC 12) 70,722 37,025   (47.6 %) 141,445 111,075 (21.5 %)
Total Revenues 347,425 293,369   (15.6 %) 673,928 631,745 (6.3 %)
Operating income 183,794 139,587   (24.1 %) 358,990 339,761 (5.4 %)
EBITDA 205,235 161,425   (21.3 %) 403,252 383,005 (5.0 %)
             
Hermosillo            
Aeronautical services 126,924 132,431   4.3 % 243,509 250,143 2.7 %
Non-aeronautical services 22,341 28,985   29.7 % 42,770 56,967 33.2 %
Improvements to concession assets (IFRIC 12) 14,439 10,720   (25.8 %) 28,879 32,159 11.4 %
Total Revenues 163,704 172,136   5.2 % 315,158 339,269 7.7 %
Operating income 77,891 65,385   (16.1 %) 145,821 150,699 3.3 %
EBITDA 102,801 90,659   (11.8 %) 102,801 201,279 95.8 %
             
Others (1)            
Aeronautical services 604,093 575,556   (4.7 %) 1,181,102 1,137,490 (3.7 %)
Non-aeronautical services 108,619 102,998   (5.2 %) 215,283 209,218 (2.8 %)
Improvements to concession assets (IFRIC 12) 115,227 82,326   (28.6 %) 232,503 173,966 (25.2 %)
Total Revenues 827,940 760,880   (8.1 %) 1,628,889 1,520,674 (6.6 %)
Operating income 185,435 (24,265 ) (113.1 %) 377,180 10,809 (97.1 %)
EBITDA 266,544 125,787   (52.8 %) 541,237 309,264 (42.9 %)
             
Total            
Aeronautical services 4,939,681 4,560,960   (7.7 %) 9,968,355 9,523,062 (4.5 %)
Non-aeronautical services 1,250,446 1,323,136   5.8 % 2,464,468 2,651,767 7.6 %
Improvements to concession assets (IFRIC 12) 1,862,976 975,327   (47.6 %) 3,703,338 2,813,789 (24.0 %)
Total Revenues 8,053,101 6,859,424   (14.8 %) 16,136,162 14,988,618 (7.1 %)
Operating income 3,597,873 2,928,113   (18.6 %) 7,562,371 6,922,515 (8.5 %)
EBITDA 4,189,330 3,588,935   (14.3 %) 8,663,310 8,229,814 (5.0 %)
             
(1) Others include the operating results of the Aguascalientes, La Paz, Los Mochis, Manzanillo, Mexicali, Morelia, and Kingston airports.
Exhibit B: Consolidated statement of financial position as of June 30 (in thousands of pesos):
  2023 2024 Change %
Assets        
Current assets        
Cash and cash equivalents 14,920,952   12,584,900 (2,336,052 ) (15.7 %)
Trade accounts receivable – Net 2,163,559   2,337,543 173,984   8.0 %
Other current assets 761,775   1,169,781 408,006   53.6 %
Total current assets 17,846,286   16,092,224 (1,754,062 ) (9.8 %)
         
Advanced payments to suppliers 2,262,121   1,774,646 (487,475 ) (21.5 %)
Machinery, equipment and improvements to leased buildings – Net 3,748,101   4,369,470 621,369   16.6 %
Improvements to concession assets – Net 25,115,894   31,357,661 6,241,767   24.9 %
Airport concessions – Net 9,032,955   9,167,056 134,101   1.5 %
Rights to use airport facilities – Net 1,098,311   1,024,916 (73,395 ) (6.7 %)
Deferred income taxes – Net 6,936,249   7,667,150 730,901   10.5 %
Other non-current assets 592,131   1,864,592 1,272,461   214.9 %
Total assets 66,632,049   73,317,715 6,685,666   10.0 %
         
Liabilities        
Current liabilities 15,917,020   16,313,310 396,290   2.5 %
Long-term liabilities 34,183,379   38,104,347 3,920,968   11.5 %
Total liabilities 50,100,399   54,417,657 4,317,258   8.6 %
         
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 4,971,095   4,648,636 (322,459 ) (6.5 %)
Retained earnings 244,657   8,345,564 8,100,907   3311.1 %
Reserve for share repurchase 1,500,000   2,500,000 1,000,000   66.7 %
Foreign currency translation reserve (164,704 ) 74,634 239,338   (145.3 %)
Remeasurements of employee benefit – Net 14,613   311 (14,302 ) (97.9 %)
Cash flow hedges- Net 92,871   25,315 (67,556 ) (72.7 %)
Total controlling interest 15,334,253   17,709,037 2,374,784   15.5 %
Non-controlling interest 1,197,396   1,191,020 (6,375 ) (0.5 %)
Total stockholder’s equity 16,531,649   18,900,057 2,368,409   14.3 %
         
Total liabilities and stockholders’ equity 66,632,049   73,317,715 6,685,666   10.0 %
         
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):
  2Q23 2Q24 Change 6M23 6M24 Change
Cash flows from operating activities:            
Consolidated net income 2,488,426   2,252,715   (9.5 %) 5,053,657   4,723,435   (6.5 %)
             
Postemployment benefit costs 11,236   13,776   22.6 % 22,450   27,552   22.7 %
Allowance expected credit loss (10,478 ) 21,328   (303.6 %) 6,397   18,527   189.6 %
Depreciation and amortization 621,155   687,351   10.7 % 1,239,226   1,350,300   9.0 %
Loss on sale of machinery, equipment and improvements to leased assets 674   11,215   1563.9 % 684   11,760   1619.1 %
Interest expense 990,273   981,033   (0.9 %) 1,810,604   1,977,891   9.2 %
Provisions 6,079   9,970   64.0 % 11,904   16,250   36.5 %
Income tax expense 959,062   594,903   (38.0 %) 1,797,604   1,516,453   (15.6 %)
Unrealized exchange loss (163,141 ) 309,521   (289.7 %) (327,129 ) 225,863   (169.0 %)
  4,903,286   4,881,812   (0.4 %) 9,615,397   9,868,031   2.6 %
Changes in working capital:            
(Increase) decrease in            
Trade accounts receivable (42,086 ) 128,758   (405.9 %) 164,377   (83,124 ) (150.6 %)
Recoverable tax on assets and other assets (297,851 ) 394,674   (232.5 %) (192,452 ) 791,223   (511.1 %)
Increase (decrease)            
Concession taxes payable 121,674   (258,431 ) (312.4 %) 116,165   (109,032 ) (193.9 %)
Accounts payable (484,204 ) (400,002 ) (17.4 %) (361,662 ) (474,606 ) 31.2 %
Cash generated by operating activities 4,200,819   4,746,811   13.0 % 9,341,825   9,992,492   7.0 %
Income taxes paid (1,684,760 ) (875,615 ) (48.0 %) (2,780,052 ) (1,586,948 ) (42.9 %)
Net cash flows provided by operating activities 2,516,059   3,871,196   53.9 % 6,561,772   8,405,543   28.1 %
             
Cash flows from investing activities:            
Machinery, equipment and improvements to concession assets (2,757,380 ) (1,701,189 ) (38.3 %) (5,634,368 ) (3,109,274 ) (44.8 %)
Cash flows from sales of machinery and equipment 273   2,878   954.2 % 841   4,235   403.3 %
Other investment activities 4,476   199,053   4347.1 % 15,967   72,270   352.6 %
Business acquisition   (875,504 ) 100.0 %   (875,504 ) 100.0 %
Net cash used by investment activities (2,752,631 ) (2,374,762 ) (13.7 %) (5,617,560 ) (3,908,274 ) (30.4 %)
             
Cash flows from financing activities:            
Dividends declared and paid (1,874,579 )   (100.0 %) (1,874,579 )   (100.0 %)
Dividends declared and paid non-controlling interest   (65,424 ) 100.0 %   (65,424 ) (100.0 %)
Bond certificates issued     0.0 % 5,400,000   3,000,000   (44.4 %)
Bond certificates paid (602,000 )   (100.0 %) (602,000 ) (3,000,000 ) 398.3 %
Bank loans paid (72,849 ) (68,417 ) (6.1 %) (72,849 ) (68,417 ) (6.1 %)
Banks loans   875,000   100.0 % 1,000,000   875,000   (12.5 %)
Interest paid (900,997 ) (1,314,322 ) 45.9 % (1,675,270 ) (2,384,483 ) 42.3 %
Interest paid on lease (1,169 ) (971 ) (16.9 %) (2,417 ) (2,031 ) (16.0 %)
Payments of obligations for leasing (4,161 ) (4,454 ) 7.0 % (8,325 ) (8,907 ) 7.0 %
Net cash flows used in financing activities (3,455,755 ) (578,588 ) (83.3 %) 2,164,559   (1,654,262 ) (176.4 %)
             
Effects of exchange rate changes on cash held (277,594 ) 125,431   (145.2 %) (559,286 ) (313,317 ) (44.0 %)
Net increase (decrease) in cash and cash equivalents (3,969,921 ) 1,043,277   (126.3 %) 2,549,488   2,529,691   (0.8 %)
Cash and cash equivalents at beginning of the period 18,890,873   11,541,621   (38.9 %) 12,371,464   10,055,211   (18.7 %)
Cash and cash equivalents at the end of the period 14,920,952   12,584,900   (15.7 %) 14,920,952   12,584,900   (15.7 %)
             
Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos):
  2Q23 2Q24 Change 6M23 6M24 Change
Revenues            
Aeronautical services 4,939,681   4,560,960   (7.7 %) 9,968,355   9,523,062   (4.5 %)
Non-aeronautical services 1,556,984   1,722,735   10.6 % 3,027,867   3,417,140   12.9 %
Improvements to concession assets (IFRIC-12) 1,862,976   975,327   (47.6 %) 3,703,338   2,813,789   (24.0 %)
Total revenues 8,359,641   7,259,022   (13.2 %) 16,699,561   15,753,991   (5.7 %)
             
Operating costs            
Costs of services: 1,034,528   1,213,842   17.3 % 2,001,166   2,285,769   14.2 %
Employee costs 435,239   490,716   12.7 % 832,173   949,877   14.1 %
Maintenance 161,331   180,485   11.9 % 306,998   342,282   11.5 %
Safety, security & insurance 155,476   199,802   28.5 % 322,954   382,022   18.3 %
Utilities 118,412   130,036   9.8 % 222,663   236,008   6.0 %
Business operated directly by us 62,936   72,549   15.3 % 112,095   146,160   30.4 %
Other operating expenses 101,134   140,254   38.7 % 34,173   229,420   571.4 %
             
Technical assistance fees 220,479   202,174   (8.3 %) 442,717   426,536   (3.7 %)
Concession taxes 657,228   678,595   3.3 % 1,266,621   1,393,211   10.0 %
Depreciation and amortization 621,155   687,351   10.7 % 1,239,226   1,350,300   9.0 %
Cost of improvements to concession assets (IFRIC-12) 1,862,976   975,327   (47.6 %) 3,703,338   2,813,789   (24.0 %)
Other (income) 7,652   (9,042 ) (218.2 %) 12,796   (12,392 ) (196.8 %)
Total operating costs 4,404,018   3,748,247   (14.9 %) 8,665,865   8,257,212   (4.7 %)
Income from operations 3,955,623   3,510,775   (11.2 %) 8,033,696   7,496,778   (6.7 %)
Financial Result (508,135 ) (663,157 ) 30.5 % (1,182,435 ) (1,256,892 ) 6.3 %
Income before income taxes 3,447,488   2,847,618   (17.4 %) 6,851,260   6,239,887   (8.9 %)
Income taxes (959,062 ) (594,903 ) (38.0 %) (1,797,604 ) (1,516,453 ) (15.6 %)
Net income 2,488,426   2,252,715   (9.5 %) 5,053,656   4,723,435   (6.5 %)
Currency translation effect (381,807 ) 659,054   (272.6 %) (814,582 ) 367,782   (145.1 %)
 Cash flow hedges, net of income tax (54,924 ) (20,164 ) (63.3 %) (37,751 ) (35,403 ) (6.2 %)
Remeasurements of employee benefit – net income tax 318   2,276   615.7 % 599   2,229   272.1 %
Comprehensive income 2,052,013   2,893,881   41.0 % 4,201,923   5,058,042   20.4 %
Non-controlling interest (4,355 ) (95,925 ) 2102.4 % (8,217 ) (127,642 ) 1453.4 %
Comprehensive income attributable to controlling interest 2,047,657   2,797,956   36.6 % 4,193,707   4,930,402   17.6 %
             
The non-controlling interest corresponds to the 25.5% stake held in the Montego Bay airport by Vantage Airport Group Limited (“Vantage”).
 Exhibit 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   18,638,867   1,189,179   19,828,046  
Legal Reserve cancellation   444,109     (444,109 )        
Dividends declared       (7,498,318 )   (7,498,318 )   (7,498,318 )
Repurchased share cancellation   (1,999,986 ) 1,999,986            
Reserve for share purchase   1,000,514     (1,000,514 )        
Comprehensive income:                  
Net income       4,971,095     4,971,095   82,560   5,053,655  
Foreign currency translation reserve         (740,239 ) (740,239 ) (74,343 ) (814,582 )
Remeasurements of employee benefit – Net         599   599     599  
Reserve for cash flow hedges – Net of income tax         (37,751 ) (37,751 )   (37,751 )
Balance as of June 30, 2023 8,197,536   478,185 1,500,000     5,215,751   (57,220 ) 15,334,251   1,197,396   16,531,649  
                   
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 cancellation   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       4,648,635     4,648,635   74,803   4,723,438  
Foreign currency translation reserve         314,940   314,940   52,839   367,779  
Remeasurements of employee benefit – Net         2,229   2,229     2,229  
Reserve for cash flow hedges – Net of income tax         (35,403 ) (35,403 )   (35,403 )
Balance as of June 30, 2024 1,194,390   920,187 2,500,000     12,994,200   100,259   17,709,039   1,191,020   18,900,057  
 
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:
  2Q23 2Q24 Change 6M23 6M24 Change
Total passengers 15,876.1 15,254.7 (3.9 %) 31,469.1 30,864.2 (1.9 %)
Total cargo volume (in WLUs) 621.3 703.1 13.2 % 1,253.7 1,343.1 7.1 %
Total WLUs 16,497.4 15,957.8 (3.3 %) 32,722.9 32,207.3 (1.6 %)
             
Aeronautical & non aeronautical services per passenger (pesos) 409.2 411.9 0.7 % 413.0 419.3 1.5 %
Aeronautical services per WLU (pesos) 299.4 285.8 (4.5 %) 304.6 295.7 (2.9 %)
Non aeronautical services per passenger (pesos) 98.1 112.9 15.2 % 96.2 110.7 15.1 %
Cost of services per WLU (pesos) 62.7 76.1 21.3 % 61.2 71.0 16.1 %
             
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


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