Skip to Content
GlobeNewswire

Grupo Aeroportuario del Pacifico Announces Results for the Second Quarter of 2022

GUADALAJARA, Mexico, July 25, 2022 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) reported its consolidated results for the second quarter ended June 30, 2022 (2Q22) (tables are presented at the end of this report comparing passenger traffic and consolidated results for 2022 to 2019, in order to illustrate the recovery of these metrics and their trend). Figures are unaudited and have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

  • The sum of aeronautical and non-aeronautical services revenues increased by Ps. 1,706.3 million, or 43.4% (Ps. 2,106.0 million, or 59.6%, as compared to 2Q19). Total revenues increased by Ps. 1,714.3 million, or 35.0% (Ps. 2,952.7 million, or 80.7%, as compared to 2Q19).

  • Cost of services increased by Ps. 204.8 million, or 29.4% (as compared to 2Q19, cost of services increased Ps. 195.2 million, or 27.7%).

  • Income from operations increased by Ps. 1,231.8 million, or 53.9% (Ps. 1,516.2 million, or 75.7%, as compared to 2Q19).

  • EBITDA increased by Ps. 1,284.6 million, or 45.9% (Ps. 1,653.5 million, or 68.1%, as compared to 2Q19), going from Ps. 2,797.1 million in 2Q21 to Ps. 4,081.7 million in 2Q22. EBITDA margin (excluding the effects of IFRIC 12) increased from 71.2% in 2Q21 to 72.4% in 2Q22 (EBITDA margin (excluding the effects of IFRIC 12) was 72.4% in 2Q19).

  • Net comprehensive income increased Ps. 948.2 million, or 72.9% (as compared to 2Q19, it increased Ps. 1,031.5 million, or 84.7%), from income of Ps. 1,300.9 million in 2Q21 to income of Ps. 2,249.2 million in 2Q22.

Current situation post-COVID

Passenger traffic recovery:

During the second quarter ended June 30, 2022, passenger traffic increased 27.6% as compared to the same period of 2021 and increased 15.3% as compared to 2019, continuing to demonstrate a positive trend, due to the recovery of the tourism and business segments. This recovery developed in second quarter results for 2022 exceeding 2019 and 2021 and generating positive net cash flows above those generated in the previous periods.

Company’s Financial Position:

During 2Q22, results were significantly better as compared to 2Q21 because of a 35.0% increase in total revenues and an increase in cost of services of 29.4%. The Company generated positive EBITDA of Ps. 4,081.7 million, an increase of 45.9% as compared to 2Q21.

In 2Q22, operating activities continued generating positive cash flow of Ps. 3,267.6 million. The Company reported a financial position of cash and cash equivalents as of June 30, 2022 of Ps. 13,489.6 million (13.0% lower than the balance as of June 30, 2021). During 2Q22, the Company made the first installment of Ps. 7.20 (SEVEN PESOS 20/100 M.N.) per share of the dividend payment at the Annual General Shareholders Meeting. Additionally, Ps. 576.2 million in share repurchases were made during 2Q22.

During 2Q22, total passengers at the Company’s 14 airports increased by 3,043.3 thousand passengers, an increase of 27.6%, compared to 2Q21 (as compared to 2Q19, total passengers increased by 1,873.6 thousand passengers, or 15.3%).

During 2Q22, the following new routes were opened:


National:

AirlineDepartureArrivalOpening dateFrequencies
VolarisMoreliaCancunApril 2, 20223 weekly frequencies
AeromexicoPuerto VallartaSanta Lucia (Mexico City)May 1, 20224 weekly frequencies

Note: Frequencies can vary without prior notice.


International:

AirlineDepartureArrivalOpening dateFrequencies
FrontierKingstonMiamiMay 5, 20223 weekly frequencies
FrontierGuadalajaraLas VegasMay 20, 20222 weekly frequencies
SpiritMontego BayPhiladelphiaMay 19, 20223 weekly frequencies
American AirlinesMontego BayAustinJune 11, 20221 weekly frequency
FrontierMontego BayTampaJune 24, 20222 weekly frequencies

Note: Frequencies can vary without prior notice.


Domestic Terminal Passengers – 14 airports
(in thousands):

Airport2Q212Q22Change6M216M22Change
Guadalajara2,177.82,673.722.8%3,751.45,034.134.2%
Tijuana *1,773.32,001.012.8%3,184.13,821.920.0%
Los Cabos520.5631.521.3%887.41,144.429.0%
Puerto Vallarta453.1691.952.7%753.51,190.758.0%
Montego Bay0.00.00.0%0.00.00.0%
Guanajuato394.9426.98.1%680.9809.218.8%
Hermosillo360.9481.333.4%618.5864.539.8%
Kingston0.60.3(50.9%)0.70.5(34.3%)
Mexicali273.0300.710.2%463.2590.827.6%
Morelia146.6165.913.2%255.7313.522.6%
La Paz228.5274.520.1%397.7512.728.9%
Aguascalientes144.6195.635.2%242.4353.545.9%
Los Mochis91.7107.917.8%162.6204.025.5%
Manzanillo23.124.56.0%40.348.520.5%
Total6,588.67,975.621.1%11,438.114,888.330.2%

*Cross Border Xpress (CBX) users are classified as international passengers.


International
Terminal Passengers – 14 airports (in thousands):

Airport2Q212Q22Change6M216M22Change
Guadalajara949.31,097.715.6%1,544.32,067.633.9%
Tijuana *737.81,026.639.1%1,162.61,949.867.7%
Los Cabos983.41,184.620.5%1,517.82,309.452.2%
Puerto Vallarta575.8873.651.7%928.21,934.6108.4%
Montego Bay656.81,160.976.8%961.52,089.0117.3%
Guanajuato163.4181.711.2%248.8357.243.6%
Hermosillo25.919.9(23.5%)45.838.5(16.0%)
Kingston183.4361.997.3%298.8630.1110.9%
Mexicali1.11.753.7%1.82.960.2%
Morelia101.8117.215.2%176.9233.532.1%
La Paz4.36.346.4%8.313.866.3%
Aguascalientes54.657.95.9%88.6105.018.6%
Los Mochis2.42.0(18.2%)4.03.7(6.3%)
Manzanillo12.115.528.6%21.541.291.8%
Total4,452.26,107.537.2%7,008.611,776.268.0%

*CBX users are classified as international passengers.


Total Terminal Passengers
– 14 airports (in thousands):

Airport2Q212Q22Change6M216M22Change
Guadalajara3,127.23,771.420.6%5,295.77,101.734.1%
Tijuana *2,511.13,027.620.6%4,346.65,771.732.8%
Los Cabos1,503.91,816.120.8%2,405.13,453.743.6%
Puerto Vallarta1,028.91,565.552.2%1,681.83,125.385.8%
Montego Bay656.81,160.976.8%961.52,089.0117.3%
Guanajuato558.3608.59.0%929.71,166.425.5%
Hermosillo386.9501.229.5%664.3903.035.9%
Kingston184.0362.296.9%299.5630.5110.5%
Mexicali274.1302.410.3%465.0593.727.7%
Morelia248.4283.214.0%432.5547.126.5%
La Paz232.9280.820.6%406.0526.529.7%
Aguascalientes199.3253.427.2%330.9458.538.6%
Los Mochis94.1109.916.8%166.6207.724.7%
Manzanillo35.240.113.8%61.789.745.3%
Total11,040.814,083.127.6%18,446.926,664.544.5%

*CBX users are classified as international passengers.


CBX Users
(in thousands):

Airport2Q212Q22Change6M216M22Change
Tijuana731.61,017.239.0%1,152.61,934.667.8%


Consolidated Results for the Second Quarter of 2022 (in thousands of pesos):

 2Q212Q22Change
Revenues   
Aeronautical services3,023,604 4,322,965 43.0%
Non-aeronautical services911,151 1,318,125 44.7%
Improvements to concession assets (IFRIC-12)960,983 968,994 0.8%
Total revenues4,895,738 6,610,084 35.0%
    
Operating costs   
Costs of services:695,644 900,467 29.4%
Employee costs289,828 350,755 21.0%
Maintenance109,037 161,217 47.9%
Safety, security & insurance124,605 136,643 9.7%
Utilities95,591 119,569 25.1%
Other operating expenses76,583 132,283 72.7%
    
Technical assistance fees135,441 190,226 40.4%
Concession taxes303,817 473,457 55.8%
Depreciation and amortization510,380 563,114 10.3%
Cost of improvements to concession assets (IFRIC-12)960,983 968,994 0.8%
Other (income)2,712 (4,761)(275.6%)
Total operating costs2,608,977 3,091,497 18.5%
Income from operations2,286,761 3,518,587 53.9%
Financial Result(406,199)(288,116)(29.1%)
Income before income taxes 1,880,561 3,230,471 71.8%
Income taxes(456,589)(865,835)89.6%
Net income 1,423,972 2,364,636 66.1%
Currency translation effect(146,953)(161,220)9.7%
 Cash flow hedges, net of income tax23,233 45,635 96.4%
Remeasurements of employee benefit – net income tax735 103 (86.0%)
Comprehensive income 1,300,987 2,249,154 72.9%
Non-controlling interest13,545 (51,631)(481.2%)
Comprehensive income attributable to controlling interest1,314,532 2,197,523 67.2%
    
    
 2Q212Q22Change
EBITDA2,797,141 4,081,701 45.9%
Comprehensive income1,300,987 2,249,154 72.9%
Comprehensive income per share (pesos)2.5018 4.4230 76.8%
Comprehensive income per ADS (US dollars)1.2436 2.1985 76.8%
    
Operating income margin46.7%53.2%14.0%
Operating income margin (excluding IFRIC-12)58.1%62.4%7.3%
EBITDA margin57.1%61.7%8.1%
EBITDA margin (excluding IFRIC-12)71.2%72.4%1.6%
Costs of services and improvements / total revenues33.8%28.3%(16.4%)
Cost of services / total revenues (excluding IFRIC-12)17.7%16.0%(9.7%)
    

- Net income and comprehensive income per share for 2Q22 were calculated based on 508,510,018 shares outstanding as of June 30, 2022 and for 2Q21 were calculated based on 520,024,505 shares outstanding as of June 30, 2021. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 20.1180 per U.S. dollar (the noon buying rate on June 30, 2022, as published by the U.S. Federal Reserve Board).
- For purposes of the consolidation of the airports in Jamaica, the average three-month exchange rate of Ps. 20.0414 per U.S. dollar for the three months ended June 30, 2022 was used.

Revenues (2Q22 vs. 2Q21)

  • Aeronautical services revenues increased by Ps. 1,299.4 million, or 43.0%.
  • Non-aeronautical services revenues increased by Ps. 407.0 million, or 44.7%.
  • Revenues from improvements to concession assets increased by Ps. 8.0 million, or 0.8%.
  • Total revenues increased by Ps. 1,714.3 million, or 35.0%.
  • The change in aeronautical services revenues was composed primarily of the following factors:

    1. Revenues at our Mexican airports increased by Ps. 995.3 million or 37.4% compared to 2Q21, mainly due to the 23.1% increase in passenger traffic and the adjustment in maximum rates as a result of inflation.

    2. Revenues from the Montego Bay airport increased by Ps. 200.0 million, or 80.7%, compared to 2Q21. This was mainly due to the 76.8% increase in passenger traffic. During 2Q22, there was a 0.2% appreciation of the peso versus the U.S. dollar, which went from an average exchange rate of Ps. 20.0503 in 2Q21 to Ps. 20.0414 in 2Q22.

    3. Revenues from the Kingston airport increased by Ps. 104.1 million, or 88.4% compared to 2Q21, mainly due to a 96.7% increase in passenger traffic.

  • The change in non-aeronautical services revenues was composed primarily of the following factors:

    1. Revenues at our Mexican airports increased by Ps. 326.6 million, or 42.9%, compared to 2Q21. Revenues from businesses operated by third parties increased by Ps. 200.8 million, or 38.5%. This was mainly due to the recovery of passenger traffic that resulted in revenue sharing percentages that surpassed minimum guaranteed rents. The business lines that increased the most were food and beverage, retail tenants, car rentals, duty-free stores, time shares and ground transportation, which jointly increased by Ps. 176.7 million, or 41.1%. Revenues from businesses operated directly by us increased by Ps. 122.8 million, or 61.2%, while the recovery of costs increased by Ps. 2.9 million, or 7.6%.

    2. Revenues from the Montego Bay airport increased by Ps. 61.6 million, or 53.2%, compared to 2Q21. Revenues in U.S. dollars increased US$ 3.1 million, or 55.2%.

    3. Revenues from the Kingston airport increased by Ps. 18.8 million, or 55.2%, compared to 2Q21. Revenues in U.S. dollars increased US$ 0.9 million, or 60.7%.

 2Q212Q22Change
Businesses operated by third parties:   
Duty-free141,095179,81127.4%
Food and beverage122,340204,59167.2%
Retail100,186162,20761.9%
Car rentals94,946132,39239.4%
Leasing of space61,21577,94327.3%
Time shares49,65658,18917.2%
Ground transportation34,43142,79124.3%
Communications and financial services22,52425,47313.1%
Other commercial revenues31,42747,83152.2%
Total657,820931,22641.6%
    
Businesses operated directly by us:   
Car parking97,921136,58939.5%
VIP lounges52,63894,63279.8%
Advertising11,41421,92792.1%
Convenience stores43,85277,97377.8%
Total205,826331,12060.9%
Recovery of costs47,50455,77717.4%
Total Non-aeronautical Revenues 911,1501,318,12544.7%

Figures expressed in thousands of Mexican pesos.

  • Revenues from improvements to concession assets1
    Revenues from improvements to concession assets (IFRIC12) increased by Ps. 8.0 million, or 0.8%, compared to 2Q21. The change was composed primarily of:

    1. The Company’s Mexican airports, which increased by Ps. 11.3 million, or 1.2%, as a result of the adjustment in committed investments in the Master Development Program for the 2020-2024 period.

    2. Improvements to concession assets at the Montego Bay airport decreased Ps. 3.3 million, or 15.2%. During 2Q22, no improvements to concession assets were made at the Kingston airport.

Total operating costs increased by Ps. 482.5 million, or 18.5%, compared to 2Q21, mainly due to a combined Ps. 224.4 million, or 51.1%, increase in concession taxes and technical assistance fees, a Ps. 204.8 million, or 29.4%, increase in cost of services, a Ps. 52.7 million, or 10.3%, increase in depreciation and amortization and a Ps. 8.0 million, or 0.8% increase in the cost of improvements to the concession assets (IFRIC12), (excluding the cost of improvements to concession assets, operating costs increased Ps. 474.5 million, or 28.8%).

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

  • Operating costs increased by Ps. 352.6 million, or 16.2%, compared to 2Q21, primarily due to a Ps. 176.2 million, or 32.4%, increase in cost of services, a combined Ps. 110.8 million, or 36.3%, increase in technical assistance fees and concession taxes, a Ps. 55.0 million, or 14.3%, increase in depreciation and amortization, and a Ps. 11.3 million, or 1.2%, increase in the cost of improvements to the concession assets (IFRIC12), (excluding the cost of improvements to the concession assets (IFRIC12), operating costs increased by Ps. 341.3 million or 27.7%).

The change in the cost of services during 2Q22 was mainly due to:

  • Employee costs increased Ps. 56.8 million, or 23.7%, compared to 2Q21, mainly due to the hiring of additional personnel as required for airport operations due to the recovery of passenger traffic and the changes in Mexico’s labor laws during 2Q21.
  • Other operating expenses increased Ps. 55.5 million or 88.1%, compared to 2Q21, mainly due to a combined increase of Ps. 51.6 million, jointly, in the cost of goods and services for our VIP lounges and convenience stores due to the increase in sales of these business lines, increase in FBO services, professional fees and travel expenses.
  • Maintenance costs increased by Ps. 44.2 million, or 49.7%, compared to 2Q21.
  • Safety, security and insurance costs increased Ps. 11.6 million, or 13.0%, compared to 2Q21, mainly due to an increase in the number of security staff and the reopening of certain operational areas.
  • Cost of services increased by Ps. 12.0 million or 11.0%, compared to 2Q21, mainly due to the increase in energy consumption derived from the opening of new operating areas, fuel and the increase in water quotas.

Montego Bay Airport:

  • Operating costs increased by Ps. 47.1 million, or 16.6%, compared to 2Q21, mainly due to a Ps. 37.5 million, or 90.7%, increase in concession taxes, a Ps. 20.9 million, or 22.7%, increase in the cost of services, and partially offset by decreases of Ps. 5.6 million in other income and a Ps. 3.2 million, or 15.2%, in the cost of improvements to concession assets (IFRIC-12).

Kingston Airport:

  • Operating costs increased by Ps. 82.8 million, or 53.8%, compared to 2Q21, mainly due to a Ps. 76.1 million, or 82.5%, increase in concession taxes, and a Ps. 7.7 million, or 13.1%, increase in the cost of services.

Operating margin went from 46.7% in 2Q21 to 53.2% in 2Q22. Excluding the effects of IFRIC-12, operating margin went from 58.1% in 2Q21 to 62.4% in 2Q22. Operating income increased Ps. 1,231.8 million, or 53.9%, compared to 2Q21.

EBITDA margin went from 57.1% in 2Q21 to 61.7% in 2Q22. Excluding the effects of IFRIC-12, EBITDA margin went from 71.2% in 2Q21 to 72.4% in 2Q22. The nominal value of EBITDA increased Ps. 1,284.6 million, or 45.9%, compared to 2Q21.

Financial cost decreased by Ps. 118.1 million, or 29.1%, from a net expense of Ps. 406.2 million in 2Q21 to a net expense of Ps. 288.1 million in 2Q22. This change was mainly the result of:

  • Foreign exchange rate fluctuations, which went from an expense of Ps. 102.0 million in 2Q21 to income of Ps. 81.2 million in 2Q22. This generated an increase in the foreign exchange gain of Ps. 183.2 million. Currency translation effect income increased Ps. 14.3 million, compared to 2Q21.

  • Interest expenses increased by Ps. 178.5 million, or 43.5%, compared to 2Q21, mainly due to higher debt as a result of the issuance of long-term debt securities and the increase in interest rates.

  • Interest income increased by Ps. 113.4 million, or 106.6%, compared to 2Q21, mainly due to an increase in the reference interest rates.

In 2Q22, comprehensive income increased Ps. 948.2 million, or 72.9%, compared to 2Q21. This increase was mainly due to a Ps. 1,349.9 million increase in profit before taxes derived from the increase in passenger traffic. This increase was partially offset by an increase in income taxes of Ps. 409.2 million and a currency translation effect increase of Ps. 14.3 million.

During 2Q22, net income increased by Ps. 940.7 million, or 66.1%, compared to 2Q21. Income taxes increased by Ps. 481.4 million and were partially offset by a Ps. 72.2 million increase in the benefit for deferred taxes, mainly due an increase in the inflation rate, from 0.9% in 2Q21 to 1.5% in 2Q22.


Consolidated Results for the Six Months of 2022 (in thousands of pesos):

 6M216M22Change
Revenues   
Aeronautical services5,096,371 8,177,197 60.5%
Non-aeronautical services1,547,138 2,486,037 60.7%
Improvements to concession assets (IFRIC-12)1,890,226 1,959,448 3.7%
Total revenues8,533,734 12,622,683 47.9%
    
Operating costs   
Costs of services:1,348,342 1,653,991 22.7%
Employee costs533,462 639,273 19.8%
Maintenance203,476 286,247 40.7%
Safety, security & insurance248,431 262,817 5.8%
Utilities172,764 215,650 24.8%
Other operating expenses190,209 250,004 31.4%
    
Technical assistance fees223,798 364,372 62.8%
Concession taxes517,657 873,223 68.7%
Depreciation and amortization1,013,125 1,127,647 11.3%
Cost of improvements to concession assets (IFRIC-12)1,890,226 1,959,448 3.7%
Other (income)(637)(18,473)2798.0%
Total operating costs4,992,510 5,960,209 19.4%
Income from operations3,541,224 6,662,474 88.1%
Financial Result(485,505)(561,062)15.6%
Income before income taxes 3,055,722 6,101,412 99.7%
Income taxes(594,170)(1,409,324)137.2%
Net income 2,461,552 4,692,089 90.6%
Currency translation effect(85,224)(339,551)298.4%
 Cash flow hedges, net of income tax240,027 137,387 (42.8%)
Remeasurements of employee benefit – net income tax1,837 205 88.8%
Comprehensive income 2,618,192 4,490,130 71.5%
Non-controlling interest650 (70,658)(10973.4%)
Comprehensive income attributable to controlling interest2,618,842 4,419,472 68.8%
    
    
 6M216M22Change
EBITDA4,554,349 7,790,121 71.0%
Comprehensive income2,618,192 4,490,130 71.5%
Comprehensive income per share (pesos)5.0347 8.8300 75.4%
Comprehensive income per ADS (US dollars)2.5026 4.3891 75.4%
    
Operating income margin41.5%52.8%27.2%
Operating income margin (excluding IFRIC-12)53.3%62.5%17.2%
EBITDA margin53.4%61.7%15.6%
EBITDA margin (excluding IFRIC-12)68.6%73.1%6.6%
Costs of services and improvements / total revenues38.0%28.6%(24.6%)
Cost of services / total revenues (excluding IFRIC-12)20.3%15.5%(23.6%)
    

- Net income and comprehensive income per share for 6M22 were calculated based on 508,510,018 shares outstanding as of June 30, 2022 and for 6M21 were calculated based on 520,024,505 shares outstanding as of June 30, 2021. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 20.1180 per U.S. dollar (the noon buying rate on June 30, 2022, 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. 20.2822 per U.S. dollar for the six months ended June 30, 2022 was used.

Revenues (6M22 vs. 6M21)

  • Aeronautical services revenues increased by Ps. 3,080.8 million, or 60.5%.
  • Non-aeronautical services revenues increased by Ps. 938.9 million, or 60.7%.
  • Revenues from improvements to concession assets increased by Ps. 69.2 million, or 3.7%.
  • Total revenues increased by Ps. 4,088.9 million, or 47.9%.
  • The change in aeronautical services revenues was composed primarily of the following factors:

    1. Revenues at our Mexican airports increased by Ps. 2,430.5 million or 53.9% compared to 6M21, mainly due to the 39.3% increase in passenger traffic and the adjustment in maximum rates as a result of inflation.

    2. Revenues from the Montego Bay airport increased by Ps. 451.4 million, or 117.8%, compared to 6M21. This was mainly due to the 117.3% increase in passenger traffic. During 6M22, there was a 0.5% depreciation of the peso versus the U.S. dollar, which went from an average exchange rate of Ps. 20.1847 in 6M21 to Ps. 20.2822 in 6M22.

    3. Revenues from the Kingston airport increased by Ps. 198.9 million, or 99.5% compared to 6M21, mainly due to a 110.5% increase in passenger traffic.

  • The change in non-aeronautical services revenues was composed primarily of the following factors:

    1. Revenues at our Mexican airports increased by Ps. 763.1 million, or 59.0%, compared to 6M21. Revenues from businesses operated by third parties increased by Ps. 492.6 million, or 55.5%. This was mainly due to the recovery of passenger traffic that resulted in revenue sharing percentages that surpassed minimum guaranteed rents. The business lines that increased the most were food and beverage, retail, car rentals, duty-free stores and other revenues, which jointly increased by Ps. 446.3 million, or 63.1%. Revenues from businesses operated directly by us increased by Ps. 258.6 million, or 77.2%, while the recovery of costs increased by Ps. 11.9 million, or 16.9%.

    2. Revenues from the Montego Bay airport increased by Ps. 138.3 million, or 71.6%, compared to 6M21. Revenues in U.S. dollars increased US$ 6.8 million, or 70.8%.

    3. Revenues from the Kingston airport increased by Ps. 37.5 million, or 61.0%, compared to 6M21. Revenues in U.S. dollars increased US$ 1.8 million, or 60.2%.
 6M216M22Change
Businesses operated by third parties:   
Duty-free222,438341,79553.7%
Food and beverage203,829373,74983.4%
Retail165,662296,65279.1%
Car rentals175,653262,21149.3%
Leasing of space110,244143,15229.9%
Time shares80,020119,37049.2%
Ground transportation61,07285,25139.6%
Communications and financial services38,87550,95131.1%
Other commercial revenues58,32196,35265.2%
Total1,116,1161,769,48458.5%
    
Businesses operated directly by us:   
Car parking167,265252,10950.7%
VIP lounges84,410175,067107.4%
Advertising21,85737,24070.4%
Convenience stores69,045142,990107.1%
Total342,577607,40677.3%
Recovery of costs88,445109,14823.4%
Total Non-aeronautical Revenues 1,547,1382,486,03760.7%

Figures expressed in thousands of Mexican pesos.

  • Revenues from improvements to concession assets2
    Revenues from improvements to concession assets (IFRIC12) increased by Ps. 69.2 million, or 3.7%, compared to 6M21. The change was composed primarily of:

    1. The Company’s Mexican airports, which increased by Ps. 57.4 million, or 3.1%, as a result of the adjustment in committed investments in the Master Development Program for the 2020-2024 period.
    2. Improvements to concession assets at the Montego Bay airport increased Ps. 11.8 million, or 28.7%. During 6M22, no improvements to concession assets were made at the Kingston airport.

Total operating costs increased by Ps. 967.7 million, or 19.4%, compared to 6M21, mainly due to a combined Ps. 496.1 million, or 66.9%, increase in concession taxes and technical assistance fees, a Ps. 305.6 million, or 22.7%, increase in cost of services, and a Ps. 114.5 million, or 11.3%, increase in depreciation and amortization and a Ps. 69.2 million, or 3.7% increase in the cost of improvements to the concession assets (IFRIC12), (excluding the cost of improvements to concession assets, operating costs increased Ps. 898.5 million, or 29.0%).

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

  • Operating costs increased by Ps. 694.0 million, or 16.6%, compared to 6M21, primarily due to a combined Ps. 282.3 million, or 55.0%, increase in technical assistance fees and concession taxes, a Ps. 241.2 million, or 23.0%, increase in cost of services, a Ps. 114.7 million, or 15.0%, increase in depreciation and amortization, and a Ps. 57.4 million, or 3.1%, increase in the cost of improvements to the concession assets (IFRIC12), (excluding the cost of improvements to the concession assets (IFRIC12), operating costs increased by Ps. 636.5 million or 27.4%).

The change in the cost of services during 6M22 was mainly due to:

  • Employee costs increased Ps. 96.2 million, or 22.0%, compared to 6M21, mainly due to the hiring of additional personnel as required for airport operations due to the recovery of passenger traffic and the changes in Mexico’s labor laws during 6M21.
  • Maintenance costs increased by Ps. 63.4 million, or 38.3%, compared to 6M21.
  • Other operating expenses increased Ps. 52.6 million or 32.8%, compared to 6M21, mainly due to a combined increase of Ps. 69.9 million in the cost of goods and services for our VIP lounges and convenience stores, FBO services, professional fees and travel expenses. This increase was partially offset by a Ps. 17.6 million reduction in the allowance for credit losses.
  • Safety, security and insurance costs increased Ps. 17.0 million, or 9.7%, compared to 6M21, mainly due to an increase in the number of security staff.
  • Cost of services increased by Ps. 8.2 million or 12.8%, compared to 6M21, mainly due to the increase in energy consumption derived from the opening of new operating areas, fuel and the increase in water quotas.

Montego Bay Airport:

  • Operating costs increased by Ps. 106.1 million, or 19.4%, compared to 6M21, mainly due to a Ps. 68.1 million, or 97.2%, increase in concession taxes and a Ps. 41.7 million, or 22.5%, increase in the cost of services.

Kingston Airport:

  • Operating costs increased by Ps. 167.6 million, or 60.2%, compared to 6M21, mainly due to a Ps. 145.8 million, or 91.9%, increase in concession taxes, and a Ps. 22.7 million, or 19.9%, increase in the cost of services.

Operating margin went from 41.5% in 6M21 to 52.8% in 6M22. Excluding the effects of IFRIC-12, operating margin went from 53.3% in 6M21 to 62.5% in 6M22. Operating income increased Ps. 3,121.2 million, or 88.1%, compared to 6M21.

EBITDA margin went from 53.4% in 6M21 to 61.7% in 6M22. Excluding the effects of IFRIC-12, EBITDA margin went from 68.6% in 6M21 to 73.1% in 6M22. The nominal value of EBITDA increased Ps. 3,235.8 million, or 71.0%, compared to 6M21.

Financial cost increased by Ps. 75.6 million, or 15.6%, from a net expense of Ps. 485.5 million in 6M21 to a net expense of Ps. 561.1 million in 6M22. This change was mainly the result of:

  • Foreign exchange rate fluctuations, which went from income of Ps. 117.5 million in 6M21 to income of Ps. 133.9 million in 6M22. This generated an increase in the foreign exchange gain of Ps. 16.3 million. Currency translation effect expense increased Ps. 254.3 million, compared to 6M21.

  • Interest expenses increased by Ps. 266.1 million, or 33.4%, compared to 6M21, mainly due to higher debt as a result of the issuance of long-term debt securities and the increase in interest rates.

  • Interest income increased by Ps. 174.3 million, or 90.2%, compared to 6M21, mainly due to an increase in the reference interest rates.

In 6M22, comprehensive income increased Ps. 1,871.9 million, or 71.5%, compared to 6M21. This increase was mainly due to a Ps. 3,045.7 million increase in profit before taxes derived from the increase in passenger traffic. This increase was partially offset by an increase in income taxes of Ps. 815.2 million and a Ps. 967.7 million increase in operating costs.

During 6M22, net income increased by Ps. 2,230.5 million, or 90.6%, compared to 6M21. Income taxes increased by Ps. 931.6 million and were partially offset by a Ps. 116.4 million increase in the benefit for deferred taxes, mainly due an increase in the inflation rate, from 3.4% in 6M21 to 4.0% in 6M22.

Total assets as of June 30, 2022 increased by Ps. 3,427.5 million as compared to June 30, 2021, primarily due to the following items: (i) a Ps. 3,093.9 million increase in improvements to concession assets; (ii) a Ps. 2,109.5 million increase in machinery, equipment and leasehold improvements and payment in advance to suppliers; and (iii) a Ps. 409.1 million increase in accounts receivable from customers. This increase was partially offset by a Ps. 2,013.4 million decrease in cash and cash equivalents, among others.
        
Total liabilities as of June 30, 2022 increased by Ps. 9,289.6 million compared to June 30, 2021. This increase was primarily due to the following items: (i) issuance of Ps. 4,500.0 million in long-term debt securities, (ii) Ps. 3,675.8 million in dividends pending payment, (iii) Ps. 1,332.2 million in accounts payable and (iv) Ps. 140.5 million in security deposits. This increase was partially offset by decreases of: (i) Ps. 203.6 million in derivative financial instruments and (ii) Ps. 112.3 million in bank loans, among others.

  • On May 16, 2022 the Company paid the Ps. 7.2 per share, corresponding to the first installment of the dividend payment approved at the Ordinary Annual General Meeting of Shareholders held on April 22, 2022.

  • The estimated growth guidance for the year 2022 is updated:
GUIDANCE2022 vs 2021
Traffic26% - 30%
Aeronautical Revenue34% - 38%
Non-aeronautical Revenue31% - 35%
Total Revenue33% - 37%
EBITDA33% - 37%
EBITDA Margin71% +- 1%
CAPEXPs. 8.0 billion

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 the Norman Manley International Airport in Kingston, Jamaica and took control of the operation in October 2019.

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

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

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


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

Airport2Q212Q22Change6M216M22Change
Guadalajara      
Aeronautical services801,6071,091,35736.1%1,428,3262,071,30245.0%
Non-aeronautical services210,343216,7923.1%372,292422,22913.4%
Improvements to concession assets (IFRIC 12)281,771499,97477.4%563,542999,94777.4%
Total Revenues1,293,7211,808,12239.8%2,364,1603,493,47847.8%
Operating income663,821910,97137.2%1,144,9461,731,10251.2%
EBITDA756,3721,022,05235.1%1,340,4331,958,92646.1%
       
Tijuana      
Aeronautical services502,450648,99029.2%834,8121,195,55043.2%
Non-aeronautical services114,282132,34915.8%201,045250,10424.4%
Improvements to concession assets (IFRIC 12)408,84485,505(79.1%)814,066171,011(79.0%)
Total Revenues1,025,577866,844(15.5%)1,849,9221,616,665(12.6%)
Operating income413,895530,52628.2%644,763984,08352.6%
EBITDA475,112615,01029.4%774,4461,142,50147.5%
       
Los Cabos      
Aeronautical services539,396716,85232.9%863,6101,346,32855.9%
Non-aeronautical services217,022282,44130.1%346,133539,29355.8%
Improvements to concession assets (IFRIC 12)124,06763,265(49.0%)222,815126,531(43.2%)
Total Revenues880,4841,062,55820.7%1,432,5582,012,15240.5%
Operating income548,325726,21132.4%819,0341,366,15966.8%
EBITDA610,502802,92631.5%945,3211,515,51460.3%
       
Puerto Vallarta      
Aeronautical services329,995581,96976.4%555,7611,178,108112.0%
Non-aeronautical services106,473145,90137.0%175,514273,83556.0%
Improvements to concession assets (IFRIC 12)78,275199,303154.6%155,633398,606156.1%
Total Revenues514,743927,17380.1%886,9091,850,548108.7%
Operating income289,658537,44685.5%453,0181,094,742141.7%
EBITDA332,049587,08576.8%542,1361,190,105119.5%
       
Montego Bay      
Aeronautical services247,781447,79480.7%383,205834,615117.8%
Non-aeronautical services115,814177,38853.2%193,051331,34071.6%
Improvements to concession assets (IFRIC 12)21,57718,299(15.2%)41,27353,10628.7%
Total Revenues385,172643,48067.1%617,5291,219,06197.4%
Operating income102,791313,902205.4%72,485558,297670.2%
EBITDA224,576433,33993.0%315,892801,256153.6%



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

Airport2Q212Q22Change6M216M22Change
Guanajuato      
Aeronautical services148,653178,79420.3%248,529339,01436.4%
Non-aeronautical services36,05136,5301.3%62,57073,57017.6%
Improvements to concession assets (IFRIC 12)3,09410,647244.2%6,18721,294244.2%
Total Revenues187,798225,97120.3%317,287433,87836.7%
Operating income116,878137,34317.5%186,058265,81042.9%
EBITDA135,633158,24116.7%223,356306,69637.3%
       
Hermosillo      
Aeronautical services82,214117,61343.1%143,002210,50347.2%
Non-aeronautical services19,91020,2771.8%35,76135,9220.4%
Improvements to concession assets (IFRIC 12)4,34116,897289.2%8,68233,793289.2%
Total Revenues106,465154,78745.4%187,446280,21949.5%
Operating income47,96173,02052.2%70,345127,60881.4%
EBITDA66,43295,21743.3%109,106170,92656.7%
       
Others (1)      
Aeronautical services371,509539,59545.2%639,1271,001,77556.7%
Non-aeronautical services89,727102,95214.7%158,359196,75624.2%
Improvements to concession assets (IFRIC 12)39,01475,10492.5%78,027155,16098.9%
Total Revenues500,250717,65143.5%875,5131,353,69354.6%
Operating income118,958186,22856.5%134,498342,672154.8%
EBITDA182,761258,70841.6%264,510485,08083.4%
       
Total       
Aeronautical services3,023,6044,322,96343.0%5,096,3718,177,19660.5%
Non-aeronautical services909,6221,114,62922.5%1,544,7252,123,05037.4%
Improvements to concession assets (IFRIC 12)960,983968,9940.8%1,890,2261,959,4483.7%
Total Revenues4,894,2096,406,58630.9%8,531,32212,259,69543.7%
Operating income2,302,2873,415,64648.4%3,525,1476,470,47283.6%
EBITDA2,783,4373,972,57842.7%4,515,2007,571,00567.7%

(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 June 30 (in thousands of pesos):

 2021 2022 Change %
Assets    
Current assets    
Cash and cash equivalents15,502,987 13,489,562 (2,013,425)(13.0%)
Trade accounts receivable - Net1,555,349 1,964,410 409,061 26.3%
Other current assets1,215,368 696,457 (518,911)(42.7%)
Total current assets18,273,704 16,150,429 (2,123,275)(11.6%)
     
Advanced payments to suppliers627,829 1,619,117 991,288 157.9%
Machinery, equipment and improvements to leased buildings - Net2,468,753 3,586,973 1,118,220 45.3%
Improvements to concession assets - Net14,004,941 17,098,809 3,093,868 22.1%
Airport concessions - Net10,404,130 10,000,663 (403,467)(3.9%)
Rights to use airport facilities - Net1,245,103 1,171,708 (73,395)(5.9%)
Deferred income taxes - Net6,043,134 6,469,200 426,066 7.1%
Other non-current assets157,094 555,287 398,193 253.5%
Total assets53,224,688 56,652,185 3,427,498 6.4%
     
Liabilities     
Current liabilities5,390,130 10,301,328 4,911,198 91.1%
Long-term liabilities25,574,660 29,953,067 4,378,407 17.1%
Total liabilities30,964,790 40,254,394 9,289,605 30.0%
     
Stockholders' Equity    
Common stock4,185,082 8,197,536 4,012,454 95.9%
Legal reserve1,592,551 34,076 (1,558,475)(97.9%)
Net income2,463,307 4,607,230 2,143,923 87.0%
Retained earnings9,927,597 136,704 (9,790,893)(98.6%)
Reserve for share repurchase5,264,666 2,499,473 (2,765,193)(52.5%)
Repurchased shares(2,944,448)(1,075,703)1,868,745 (63.5%)
Foreign currency translation reserve951,116 708,882 (242,234)(25.5%)
Remeasurements of employee benefit – Net(8,215)5,416 13,631 165.9%
Cash flow hedges- Net(231,080)167,051 398,131 172.3%
Total controlling interest21,200,576 15,280,664 (5,919,911)(27.9%)
Non-controlling interest1,059,323 1,117,126 57,804 5.5%
Total stockholder's equity22,259,899 16,397,790 (5,862,107)(26.3%)
     
Total liabilities and stockholders' equity53,224,688 56,652,185 3,427,498 6.4%

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):

 2Q212Q22Change6M216M22Change
Cash flows from operating activities:      
Consolidated net income1,423,973 2,364,636 66.1%2,461,552 4,692,089 90.6%
       
Postemployment benefit costs7,771 8,527 9.7%16,671 17,132 2.8%
Allowance expected credit loss(2,455)(2,161)(12.0%)21,070 (3,845)(118.2%)
Depreciation and amortization510,380 563,114 10.3%1,013,125 1,127,647 11.3%
Loss on sale of machinery, equipment and improvements to leased assets739 2,069 180.0%1,335 2,359 76.8%
Interest expense419,651 568,881 35.6%800,790 1,044,288 30.4%
Provisions6,635 5,052 (23.9%)(5,678)12,539 (320.8%)
Income tax expense456,589 865,835 89.6%594,170 1,409,324 137.2%
Unrealized exchange loss(226,877)(57,193)(74.8%)(63,839)(181,512)184.3%
Net (gain) on derivative financial instruments- (172)100.0%- (6,937)100.0%
 2,596,412 4,318,588 66.3%4,839,196 8,113,083 67.7%
Changes in working capital:      
(Increase) decrease in      
Trade accounts receivable(243,232)(129,179)(46.9%)(316,920)(250,644)(20.9%)
Recoverable tax on assets and other assets(18,877)313,306 (1759.7%)(75,310)439,042 (683.0%)
(Decrease) increase      
Concession taxes payable103,830 (572)(100.6%)60,738 (38,062)(162.7%)
Accounts payable174,976 129,053 (26.2%)216,617 (63,716)(129.4%)
Cash generated by operating activities2,613,109 4,631,196 77.2%4,724,322 8,199,704 73.6%
Income taxes paid(82,750)(1,363,552)1547.8%(385,099)(2,763,408)617.6%
Net cash flows provided by operating activities2,530,359 3,267,644 29.1%4,339,223 5,436,296 25.3%
       
Cash flows from investing activities:      
Machinery, equipment and improvements to concession assets(849,081)(1,978,035)133.0%(1,679,015)(3,095,635)84.4%
Cash flows from sales of machinery and equipment2,296 176 (92.3%)2,947 283 (90.4%)
Other investment activities(27,577)(5,545)(79.9%)(24,372)(28,219)15.8%
Net cash used by investment activities(874,362)(1,983,404)126.8%(1,700,441)(3,123,570)83.7%
       
Cash flows from financing activities:      
Dividends declared and paid- (3,675,745)100.0%- (3,675,745)100.0%
Dividends declared and paid non-controlling interest- (155,159)100.0%- (155,159)(100.0%)
Capital Reduction(2,000,000)- (100.0%)(2,000,000)- (100.0%)
Bond certificates issued4,500,000 - (100.0%)4,500,000 5,000,000 11.1%
Bond certificates paid- - - - (1,500,000)(100.0%)
Bank loans paid(2,080,739)(81,129)(96.1%)(5,860,151)(3,959,132)(32.4%)
Banks loans- - - 3,779,413 3,872,783 2.5%
Repurchase of shares(872,890)(576,230)(34.0%)(1,211,074)(1,075,703)(11.2%)
Interest paid(433,039)(581,227)34.2%(772,236)(941,482)21.9%
Interest paid on lease(438)(1,468)235.2%(940)(2,661)183.2%
Payments of obligations for leasing(2,985)(4,217)41.3%(6,045)(7,703)27.4%
Net cash flows used in financing activities(890,091)(5,075,175)470.2%(1,571,033)(2,444,802)55.6%
       
Effects of exchange rate changes on cash held8,698 380,609 4275.8%(9,311)288,762 (3201.2%)
Net increase (decrease) in cash and cash equivalents774,596 (3,410,326)(540.3%)1,058,438 156,685 (85.2%)
Cash and cash equivalents at beginning of the period14,728,391 16,899,887 14.7%14,444,549 13,332,877 (7.7%)
Cash and cash equivalents at the end of the period15,502,987 13,489,562 (13.0%)15,502,987 13,489,562 (13.0%)
       

 

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

 2Q212Q22Change6M216M22Change
Revenues      
Aeronautical services3,023,604 4,322,965 43.0%5,096,371 8,177,197 60.5%
Non-aeronautical services911,151 1,318,125 44.7%1,547,138 2,486,037 60.7%
Improvements to concession assets (IFRIC-12)960,983 968,994 0.8%1,890,226 1,959,448 3.7%
Total revenues4,895,738 6,610,084 35.0%8,533,734 12,622,683 47.9%
       
Operating costs      
Costs of services:695,644 900,467 29.4%1,348,342 1,653,991 22.7%
Employee costs289,828 350,755 21.0%533,462 639,273 19.8%
Maintenance109,037 161,217 47.9%203,476 286,247 40.7%
Safety, security & insurance124,605 136,643 9.7%248,431 262,817 5.8%
Utilities95,591 119,569 25.1%172,764 215,650 24.8%
Other operating expenses76,583 132,283 72.7%190,209 250,004 31.4%
       
Technical assistance fees135,441 190,226 40.4%223,798 364,372 62.8%
Concession taxes303,817 473,457 55.8%517,657 873,223 68.7%
Depreciation and amortization510,380 563,114 10.3%1,013,125 1,127,647 11.3%
Cost of improvements to concession assets (IFRIC-12)960,983 968,994 0.8%1,890,226 1,959,448 3.7%
Other (income)2,712 (4,761)(275.6%)(637)(18,473)2798.0%
Total operating costs2,608,977 3,091,497 18.5%4,992,510 5,960,209 19.4%
Income from operations2,286,761 3,518,587 53.9%3,541,224 6,662,474 88.1%
Financial Result(406,199)(288,116)(29.1%)(485,505)(561,062)15.6%
Income before income taxes 1,880,561 3,230,471 71.8%3,055,722 6,101,412 99.7%
Income taxes(456,589)(865,835)89.6%(594,170)(1,409,324)137.2%
Net income 1,423,972 2,364,636 66.1%2,461,552 4,692,089 90.6%
Currency translation effect(146,953)(161,220)9.7%(85,224)(339,551)298.4%
 Cash flow hedges, net of income tax23,233 45,635 96.4%240,027 137,387 (42.8%)
Remeasurements of employee benefit – net income tax735 103 (86.0%)1,837 205 88.8%
Comprehensive income 1,300,987 2,249,154 72.9%2,618,192 4,490,130 71.5%
Non-controlling interest13,545 (51,631)(481.2%)650 (70,658)(10973.4%)
Comprehensive income attributable to controlling interest1,314,532 2,197,523 67.2%2,618,842 4,419,472 68.8%

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



Exhibit E: Consolidated stockholders’ equity (in thousands of pesos):

 Common StockLegal ReseveReserve for Share RepurchaseRepurchased SharesRetained EarningsOther comprehensive incomeTotal controlling interestNon-controlling interestTotal Stockholders' Equity
Balance as of January 1, 20216,185,082 1,592,551 3,283,374 (1,733,374)11,908,891 556,287 21,792,811 1,059,972 22,852,783 
Reserve for share purchase- - - (1,211,074)- - (1,211,074)- (1,211,074)
Capital reduction(2,000,000)        
Repurchased share-         
Comprehensive income:         
Net income- - - - 2,463,307 - 2,463,307 (1,756)2,461,551 
Foreign currency translation reserve- - - - - (86,330)(86,330)1,106 (85,224)
Remeasurements of employee benefit – Net- - - - - 1,837 1,837 - 1,837 
Reserve for cash flow hedges – Net of income tax- - - - - 240,027 240,027 - 240,027 
Balance as of June 30, 20214,185,082 1,592,551 5,264,666 (2,944,448)12,390,906 711,821 21,200,576 1,059,323 22,259,899 
          
Balance as of January 1, 2022170,381 1,592,551 5,531,292 (3,000,037)13,925,091 1,069,102 19,288,380 1,140,220 20,428,600 
Legal reserve cancellation- (1,558,475)- - 1,558,475 - - - - 
Capitalization of retained earnings8,027,155 - - - (8,027,155)- - - - 
Dividends declared- - - - (7,351,490)- (7,351,490)- (7,351,490)
Cancellation repurchased shares- - (3,000,037)3,000,037 - - - - - 
Reserve for share purchase- - (31,782)- 31,782 - - - - 
Dividends declared non-controlling interest- - - - - - - (93,751)(93,751)
Repurchased share- - - (1,075,703)- - (1,075,703)- (1,075,703)
Comprehensive income:         
Net income- - - - 4,607,229 - 4,607,229 84,857 4,692,089 
Foreign currency translation reserve- - - - - (325,351)(325,351)(14,199)(339,550)
Remeasurements of employee benefit – Net- - - - - 205 205 - 205 
Reserve for cash flow hedges – Net of income tax- - - - - 205 205 - 205 
Balance as of June 30, 20228,197,536 34,076 2,499,473 (1,075,703)4,743,934 881,349 15,280,663 1,117,127 16,397,790 
          

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

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

Exhibit F: Other operating data:

 2Q212Q22Change20202021Change
Total passengers11,04014,08327.6%18,44726,66544.5%
Total cargo volume (in WLUs)689677(1.7%)1,3571,304(3.9%)
Total WLUs11,72914,76025.8%19,80427,96841.2%
       
Aeronautical & non aeronautical services per passenger (pesos)356.4400.612.4%360.1399.911.0%
Aeronautical services per WLU (pesos)257.8292.913.6%257.3292.413.6%
Non aeronautical services per passenger (pesos)82.593.613.4%83.993.211.2%
Cost of services per WLU (pesos)59.361.02.9%68.159.1(13.1%)
       

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


Passenger Traffic and Consolidated Results compared to the same periods of 2019:

Domestic Terminal Passengers – 14 airports (in thousands):

Airport2Q192Q22Change6M196M22Change
Guadalajara2,674.02,673.7(0.0%)5,094.45,034.1(1.2%)
Tijuana *1,533.72,001.030.5%2,894.93,821.932.0%
Los Cabos436.6631.544.6%831.31,144.437.7%
Puerto Vallarta533.8691.929.6%885.51,190.734.5%
Montego Bay2.40.0(100.0%)4.20.0(100.0%)
Guanajuato532.3426.9(19.8%)994.3809.2(18.6%)
Hermosillo475.0481.31.3%859.9864.50.5%
Kingston0.00.3100.0%0.00.5100.0%
Mexicali303.4300.7(0.9%)569.4590.83.8%
Morelia115.7165.943.4%225.9313.538.8%
La Paz256.3274.57.1%466.4512.79.9%
Aguascalientes162.3195.620.5%305.2353.5N/A 
Los Mochis103.3107.94.4%187.1204.09.0%
Manzanillo25.424.5(3.4%)49.248.5(1.5%)
Total7,154.17,975.711.5%13,367.714,888.311.4%

*CBX users are classified as international passengers.

 

International Terminal Passengers – 14 airports (in thousands):

Airport2Q192Q22Change6M196M22Change
Guadalajara1,088.61,097.70.8%2,076.72,067.6(0.4%)
Tijuana *736.11,026.639.5%1,394.21,949.839.9%
Los Cabos914.41,184.629.5%1,970.62,309.417.2%
Puerto Vallarta762.3873.614.6%2,019.31,934.6(4.2%)
Montego Bay1,180.11,160.9(1.6%)2,516.22,089.0(17.0%)
Guanajuato173.8181.74.5%345.1357.23.5%
Hermosillo17.419.914.1%34.538.511.5%
Kingston0.0361.9N/A 0.0630.1N/A 
Mexicali1.91.7(8.8%)3.32.9(12.8%)
Morelia105.8117.210.8%207.1233.512.8%
La Paz3.16.3106.7%6.613.8107.7%
Aguascalientes54.857.95.5%99.3105.0N/A 
Los Mochis1.92.06.0%3.53.76.3%
Manzanillo15.215.52.5%52.341.2(21.3%)
Total5,055.46,107.520.8%10,728.811,776.29.8%

 

*CBX users are classified as international passengers.

 

Total Terminal Passengers – 14 airports (in thousands):

Airport2Q192Q22Change6M196M22Change
Guadalajara3,762.63,771.40.2%7,171.17,101.7(1.0%)
Tijuana *2,269.83,027.633.4%4,289.15,771.734.6%
Los Cabos1,351.01,816.134.4%2,801.93,453.723.3%
Puerto Vallarta1,296.11,565.520.8%2,904.83,125.37.6%
Montego Bay1,182.51,160.9(1.8%)2,520.42,089.0(17.1%)
Guanajuato706.2608.5(13.8%)1,339.41,166.4(12.9%)
Hermosillo492.4501.21.8%894.5903.01.0%
Kingston0.0362.2N/A 0.0630.5N/A 
Mexicali305.3302.4(0.9%)572.7593.73.7%
Morelia221.5283.227.8%433.0547.126.4%
La Paz259.4280.88.3%473.0526.511.3%
Aguascalientes217.1253.416.7%404.6458.5N/A 
Los Mochis105.2109.94.5%190.6207.79.0%
Manzanillo40.540.1(1.2%)101.589.7(11.7%)
Total12,209.414,083.115.3%24,096.526,664.510.7%

*CBX users are classified as international passengers.

The Company took control of the operation of the Kingston airport on October 10, 2019, consequently no figures are available for comparison purposes from January to September, 2019.


CBX Users (in thousands):

Airport2Q192Q22Change6M196M22Change
Tijuana723.61,017.240.6%1,370.91,934.641.1%



Consolidated Results and Other Data compared with 2019 (in thousands of pesos)

 2Q192Q22Change6M196M22Change
Revenues      
Aeronautical services2,577,773 4,322,965 67.7%5,209,098 8,177,197 57.0%
Non-aeronautical services957,275 1,318,125 37.7%1,858,600 2,486,037 33.8%
Improvements to concession assets (IFRIC 12)122,363 968,994 691.9%268,850 1,959,448 628.8%
Total revenues3,657,411 6,610,084 80.7%7,336,548 12,622,683 72.1%
       
Operating costs      
Costs of services:705,304 900,467 27.7%1,300,943 1,653,991 27.1%
Employee costs228,793 350,755 53.3%423,116 639,273 51.1%
Maintenance148,362 161,217 8.7%260,802 286,247 9.8%
Safety, security & insurance102,312 136,643 33.6%204,443 262,817 28.6%
Utilities92,489 119,569 29.3%165,258 215,650 30.5%
Other operating expenses133,348 132,283 (0.8%)247,324 250,004 1.1%
       
Technical assistance fees113,644 190,226 67.4%229,218 364,372 59.0%
Concession taxes292,887 473,457 61.7%618,154 873,223 41.3%
Depreciation and amortization425,839 563,114 32.2%847,440 1,127,647 33.1%
Cost of improvements to concession assets (IFRIC 12)122,363 968,994 691.9%268,850 1,959,448 628.8%
Other (income)(5,025)(4,761)(5.3%)(8,933)(18,473)106.8%
Total operating costs1,655,012 3,091,497 86.8%3,255,672 5,960,209 83.1%
Income from operations2,002,399 3,518,587 75.7%4,080,876 6,662,474 63.3%
       
Financial Result(235,745)(288,116)22.2%(318,354)(561,062)76.2%
Income before taxes1,766,654 3,230,471 82.9%3,762,522 6,101,412 62.2%
Income taxes(503,081)(865,835)72.1%(1,101,400)(1,409,324)28.0%
Net income 1,263,573 2,364,636 87.1%2,661,122 4,692,089 76.3%
Currency translation effect(45,788)(161,220)252.1%(139,739)(339,551)143.0%
Cash flow hedges, net of income tax0 45,635 100.0%0 137,387 100.0%
Remeasurements of employee benefit – net income tax(146)103.0 (170.5%)(293)205 (170.0%)
Comprehensive income1,217,639 2,249,154 84.7%2,521,090 4,490,130 78.1%
Non-controlling interest(19,763)(51,631)(161.3%)(44,929)(70,658)(57.3%)
Comprehensive income attributable to controlling interest1,197,876 2,197,523 83.5%2,476,161 4,419,472 78.5%
       
       
 2Q192Q22Change6M196M22Change
EBITDA2,428,238 4,081,701 68.1%4,928,316 7,790,121 58.1%
Comprehensive income1,217,639 2,249,154 84.7%2,521,090 4,490,130 78.1%
Comprehensive income per share (pesos)2.1705 4.4230 103.8%4.4939 8.8300 96.5%
Comprehensive income per ADS (US dollars)1.1299 2.1985 94.6%2.3395 4.3891 87.6%
       
Operating income margin54.7%53.2%(2.8%)55.6%52.8%(5.1%)
Operating income margin (excluding IFRIC 12)56.6%62.4%10.1%57.7%62.5%8.2%
EBITDA margin66.4%61.7%(7.0%)67.2%61.7%(8.1%)
EBITDA margin (excluding IFRIC 12)68.8%72.4%5.2%69.7%73.1%4.8%
Costs of services and improvements / total revenues22.6%28.3%25.0%21.4%28.6%33.8%
Cost of services / total revenues (excluding IFRIC 12)20.0%16.0%(20.0%)18.4%15.5%(15.7%)
       


[1] 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.

[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.

 


Primary Logo