UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE
ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of
October 2018
Commission File Number: 001-32751
GRUPO AEROPORTUARIO DEL PACÍFICO S.A.B. DE C.V.
(PACIFIC AIRPORT GROUP)
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(Translation of
Registrant’s Name Into English)
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México
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(Jurisdiction
of incorporation or organization)
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Avenida Mariano Otero No. 1249-B
Torre Pacifico, Piso 6
Col. Rinconada del Bosque
44530 Guadalajara, Jalisco, México
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(Address of principal
executive offices)
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Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F
Form 20-F
x
Form 40-F
o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
____
Note
: Regulation S-T Rule 101(b)(1) only permits the submission
in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
____
Note:
Regulation S-T Rule 101(b)(7) only permits the submission
in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish
and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the
registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s
securities are traded, as long as the report or other document is not a press release, is not required to be and has not been
distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a
Form 6-K submission or other Commission filing on EDGAR.
GRUPO AEROPORTUARIO DEL PACIFICO
ANNOUNCES RESULTS FOR THE THIRD QUARTER OF 2018
Guadalajara, Jalisco, Mexico, October 25,
2018 – Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”)
reported its consolidated results for the third quarter ended September 30, 2018. Figures are
unaudited and have been prepared
in accordance with International Financial Reporting Standards
(“IFRS”) as issued by the International Accounting
Standards Board (“IASB”).
Summary of Results 3Q18 vs. 3Q17
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·
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The sum of
aeronautical
and non-aeronautical services revenues increased by Ps. 451.5 million, or 16.8%
. Total revenues increased by Ps. 498.8
million, or 16.4%.
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·
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Cost of services increased
by Ps. 125.3 million, or 25.1%
.
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·
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Operating income increased
by Ps. 254.6 million, or 16.7%.
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·
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EBITDA increased by Ps.
297.7 million, or 15.9%
. EBITDA margin (excluding the effects of IFRIC 12) decreased from 69.8% in 3Q17 to 69.3% in 3Q18.
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·
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Net income and comprehensive
income decreased by Ps. 197.8 million, or 16.9%.
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Operating Results
During 3Q18, total terminal passengers in the Company’s
13 airports increased by 921.6 thousand passengers, or 9.1%, compared to 3Q17. Over the same period, domestic passenger traffic
increased by 714.6 thousand passengers, while international passenger traffic increased by 207.0 thousand passengers.
In the traffic tables below, we have
reflected the users of the Cross Border Xpress (CBX) under the international passenger numbers for the Tijuana airport as well
as for the Company’s accumulated results.
During 3Q18, the following routes opened:
Domestic Routes:
Note: The frequencies and available seats
on these routes are subject to change without notice.
International Routes:
Note: The frequencies and available
seats on these routes are subject to change without notice.
The Company expects to launch 20 new
routes throughout its airport network for 4Q18. Most of these new routes are expected to have two to three frequencies per week.
Domestic
Terminal Passengers
(in thousands):
1
CBX users are classified as international
passengers.
International
Terminal Passengers (
in thousands
):
1
CBX users are classified as international
passengers.
Total Terminal
Passengers
(in thousands):
1
CBX users are classified as international
passengers.
CBX
Users
(in thousands)
:
Consolidated Results for
the Third Quarter of 2018
(in thousands of pesos):
- Net income and comprehensive income per share
are calculated based on 561,000,000 outstanding shares. U.S. dollar figures presented were converted from pesos to U.S. dollars
at a rate of Ps. 18.7050 per U.S. dollar (the noon buying rate on September 28, 2018, as published by the U.S. Federal Reserve
Board).
- For purposes of the consolidation of the Montego
Bay airport, the average monthly exchange rate of Ps. 18.9789 per U.S. dollar for the three months ended September 30, 2018 was
used.
Revenues (3Q18 vs 3Q17)
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·
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Aeronautical services revenues increased by Ps. 344.5 million,
or 17.2%.
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·
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Non-aeronautical services revenues increased by Ps. 107.1 million,
or 15.7%.
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·
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Revenues from improvements to concession assets increased by Ps.
47.3 million, or 13.5%.
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·
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Total revenues increased by Ps. 498.8 million, or 16.4%.
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-
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Aeronautical services revenues
include:
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i.
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Revenues from the Mexican airports increased by Ps. 299.7 million,
or 17.6%, compared to 3Q17, generated mainly by a 9.6% increase in passenger traffic, as well as higher passenger fees due to inflation.
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ii.
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Revenues from the Montego Bay airport increased by Ps. 44.7 million,
or 15.2%, compared to 3Q17. This was mainly due to a 5.0% increase in passenger traffic, an increase in passenger fees due to inflation
and the 6.5% depreciation of the Mexican peso against the U.S. dollar, from an average exchange rate of Ps. 17.8222 in 3Q17 to
an average exchange rate of Ps. 18.9789 in 3Q18.
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-
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Non-aeronautical services revenues
include:
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i.
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The Mexican airports contributed an increase of Ps. 90.5 million,
or 16.0%, compared to 3Q17, mainly driven by an increase of Ps. 27.5 million in revenues from businesses operated directly by the
Company. This was due to a 36.1% increase in the number of visitors at the VIP lounges and an increase in car parking revenue.
Revenues from businesses operated by third parties increased by Ps. 61.7 million, due to the opening of commercial spaces, mainly
at the Guadalajara, Hermosillo and Mexicali airports. Revenues in dollars from food and beverages, retail operations, duty-free
stores and car rentals rose by a combined 9.9%. Upon conversion to pesos, these revenues increased by Ps. 29.2 million, or 27.7%,
as a result of the 6.5% depreciation of the average peso exchange rate versus the U.S. dollar during the quarter.
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Additionally, with the conclusion of the terminal
building expansions in the Mexican airports, the Company will add approximately 6,000 square meters in 4Q18 (an increase of 30%)
and another 2,000 square meters (an additional increase of 8%) to the current commercial space in 2019.
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ii.
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Revenues from the Montego Bay airport increased by Ps. 16.6 million,
or 13.9%, compared to 3Q17, driven mainly by a 7.4% increase in dollar revenues from duty-free stores, retail stores, leasing of
spaces and food and beverages, as well as the 6.5% of peso depreciation against the U.S. dollar during the quarter.
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Figures expressed in thousands of Mexican
pesos.
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-
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Revenues from improvements to concession assets
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Revenues from improvements to concession assets
(IFRIC 12) increased by Ps. 47.3 million, or 13.5%, compared to 3Q17, mainly due to an increase in improvements to concession assets
at the Montego Bay airport of Ps. 163.4 million, or 100%, compared to 3Q17. This effect was offset by a decline in committed investments
under the Master Development Program for the Mexican airports for 2018, which resulted in a decrease of Ps. 116.1 million, or 33.2%,
compared to 3Q17.
Total operating costs
increased by Ps. 244.2 million,
or 16.2%, compared to 3Q17, mainly due service costs comprised of the following:
[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,
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Operating Costs at the Mexican airports rose by Ps. 44.2 million
,
or 3.6%, mainly due to an increase in cost of services for Ps. 97.9 million, or 23.6%, depreciation and amortization of Ps. 36.9
million, as well as Ps. 33.5 million in costs for technical assistance and concession assets, which was offset by a decrease in
improvements to concession assets (IFRIC 12) of Ps. 116.1 million or 55.5%. The increase in cost of services was mainly due to:
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·
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Higher
employee costs
of Ps. 23.2 million, or 16.9%, compared
to 3Q17, due to an increase in personnel count for Ps. 12.5 million and Ps. 10.7 million in annual salary raises.
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·
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Other operating expenses
increased by Ps. 34.1 million, or
50.8%, compared to 3Q17, mainly due to higher professional services fees, sales costs for the VIP lounges and reserve for doubtful
accounts, which jointly increased by Ps. 22.1 million, or 34.8%.
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An increase in
utility costs
of Ps. 21.6 million, or 39.2%,
compared to 3Q17, mainly due to higher energy prices.
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·
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An increase in
safety, security and insurance
costs of Ps.
21.4 million, or 35.5%, compared to 3Q17, due to a higher personnel count at the airports based on a higher number of security
checkpoints and to improved access times at the waiting areas.
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Operating costs at the Montego Bay airport increased by Ps. 200.0
million
, or 72.7% compared to 3Q17, mainly due to an increase in improvements to concession assets (IFRIC 12) of Ps. 163.4
million, as well as to increases in concession taxes of Ps. 23.7 million and cost of services of Ps. 27.4 million. These costs
were mainly a result of the 13.8% increase in operating costs in dollars and the 6.5% depreciation of the Mexican peso against
the U.S. dollar. This increase was offset with an insurance recovery for Ps. 21.9 million, reflected in the other income line item.
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Operating margin
increased by 10 bp from
50.3% in 3Q17 to 50.4% in 3Q18. Excluding the effects of IFRIC 12, operating margin remained flat at 56.8% in 3Q17 and 3Q18. Operating
income increased by Ps. 254.6 million, or 16.7%, compared to 3Q17.
EBITDA margin
decreased by 30 bp from 61.8%
in 3Q17 to 61.5% in 3Q18. The EBITDA margin, excluding the effects of IFRIC 12, decreased by 50 bp from 69.8% in 3Q17 to 69.3%
in 3Q18.
The nominal value of EBITDA increased by Ps. 297.7 million, or 15.9%
, compared to 3Q17.
Financial result
increased by
Ps. 15.9
million,
from a net expense of Ps. 110.3 million in 3Q17 to Ps. 126.3 million in 3Q18. This increase was mainly the result
of:
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The foreign exchange
loss
of Ps. 61.6 million in 3Q17 compared to a gain of Ps. 15.6 million in 3Q18, mainly due to a 5.3% appreciation of the Mexican peso
against the U.S. dollar in 3Q18, compared to a depreciation of 1.7% in 3Q17, thus
generating an increase in foreign exchange
gain of Ps. 77.2 million.
This effect was offset by an increase in net foreign exchange loss due to the foreign currency translation
effect of Ps. 438.6 million compared with 3Q17.
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-
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Interest expenses increased
by Ps. 122.4 million, or 69.5%,
compared to 3Q17, mainly due to an increase in debt derived from the issuance of long-term
bonds for Ps. 2.3 billion, as well as an increase in interest rates.
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Interest income increased
by Ps. 29.3 million or 23.0%,
due to increases in both the Company’s cash position and the interest rates.
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Comprehensive income
decreased by Ps. 197.8
million, or 16.9%, compared to 3Q17.
The decrease resulted mainly from a net exchange
rate loss from the currency translation effect of Ps. 438.6 million, or 487.0%, which was offset by a Ps. 232.1 million, or 16.2%,
increase in income before income taxes.
Income taxes decreased by Ps. 8.2 million, or 2.4%,
due to a decline in the benefit from deferred income tax of Ps. 4.2 million, as well as to a decrease in current tax of Ps. 4.0
million.
Consolidated Results for the Nine Months
ended September 30, 2018
(in thousands of pesos)
:
- Net income and comprehensive income per share
are calculated based on 561,000,000 outstanding shares. U.S. dollar figures presented were converted from pesos to U.S. dollars
at a rate of Ps. 18.7050 per U.S. dollar (the noon buying rate on September 28, 2018, as published by the U.S. Federal Reserve
Board).
- For purposes of the consolidation of the Montego
Bay airport, the average monthly exchange rate of Ps. 19.0365 per U.S. dollar for the nine months ended September 30, 2018 was
used.
Revenues (9M18 vs 9M17)
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·
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Aeronautical services revenues increased by Ps. 897.0 million,
or 14.6%.
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·
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Non-aeronautical services revenues increased by Ps. 224.9 million,
or 10.7%.
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·
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Revenues from improvements to concession assets declined by Ps.
35.3 million, or 3.4%.
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·
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Total revenues increased by Ps. 1,086.5 million, or 11.7%.
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-
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Aeronautical services revenues
include:
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i.
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Revenues from the Mexican airports increased by Ps. 803.3 million,
or 15.6%, compared to 9M17, generated primarily by the 11.4% passenger traffic increase, as well as higher passenger fees due to
inflation.
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ii.
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Revenues from the Montego Bay airport increased by Ps. 93.7 million,
or 9.5%, compared to 9M17. This was due to a 6.5% increase in passenger traffic, an adjustment in passenger fees as a result of
inflation and a 0.5% depreciation of the Mexican peso against the U.S. dollar, from an average exchange rate of Ps. 18.9356
in 9M17 to an average exchange rate of Ps. 19.0365 in 9M18.
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-
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Non-aeronautical services revenues
include:
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i.
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The Mexican airports contributed an increase of Ps. 194.6 million,
or 8.1%, driven mainly by an increase in revenues from businesses operated by third parties of Ps. 109.4 million, while revenues
from businesses operated directly by the Company increased by Ps. 89.2 million. This increase was offset by a decline in recovery
of costs of Ps. 4.0 million.
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Dollar revenues from retail operations,
duty-free stores and timeshare spaces rose by a combined 9.9%. Upon conversion to pesos, these revenues increased by Ps. 36.3 million,
or 10.4%.
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ii.
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Montego Bay airport revenues increased by Ps. 30.3 million, or 8.1%,
compared to 9M17, mainly due to a 7.5% increase in U.S. dollar-denominated revenues, as well as to the 0.5% depreciation of the
Mexican peso versus the U.S. dollar in 9M18.
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Figures expressed in thousands of Mexican pesos.
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-
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Revenues from improvements to concession assets
2
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Revenues from improvements to concession assets
(IFRIC 12) declined by Ps. 35.3 million, or 3.4%, compared to 9M17, due to a 33.2% decline in committed investments under the Master
Development Program for the Mexican airports in 2018, resulting in a decrease of Ps. 348.3 million in 9M18. This effect was offset
by an increase in improvements to concession assets in the Montego Bay airport for Ps. 313.1 million compared to 9M17.
Total operating costs
increased by Ps. 473.2 million,
or10.5%, compared to 9M17, and comprised the following:
[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.
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Operating Costs at the Mexican airports rose by Ps. 85.6 million
,
or 2.4%, mainly due to an increase in the cost of services of Ps. 254.5 million, or 21.7%, depreciation and amortization of Ps.
101.6 million, as well as Ps. 84.8 million in costs for technical assistance and concession assets, which were offset by a decrease
in improvements to concession assets (IFRIC 12) of Ps. 348.4 million, or 33.2%. The increase in cost of services was mainly due
to:
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·
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An increase in
employee costs
of Ps. 97.9 million, or 24.6%,
due to an increase in the personnel count, annual salary raises and organizational restructuring costs.
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·
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An increase in
safety, security and insurance
costs of Ps.
50.9 million, or 28.3%, due to a higher personnel count based on a higher number of security checkpoints.
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·
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Other operating expenses
increased, mainly due to higher professional
services fees, sales costs for the VIP lounges and reserve for doubtful accounts, which together increased by Ps. 35.2 million
or 34.2%.
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·
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Maintenance costs
rose by Ps. 37.5 million, or 15.1%, mainly
from maintenance of operating areas, maintenance equipment and higher cleaning service costs due to an expansion of terminal buildings.
This result was offset by a decline in documented baggage inspection equipment.
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-
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Operating costs at the Montego Bay airport increased by Ps. 387.6
million
, or 43.2% compared to 9M17, mainly due to an increase in improvements to concession assets (IFRIC 12) of Ps. 313.1
million, an increase in concession taxes of Ps. 55.6 million, or 15.7%, and an increase in cost of services of Ps. 34.5 million,
or 12.1%. These costs were mainly a result of a 13.6% increase in operating costs in dollars and the 0.5% depreciation of the Mexican
peso against the U.S. dollar in 9M17 versus 9M18.
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Operating margin
increased by 50 bp from
51.3% in 9M17 to 51.8% in 9M18. Operating margin, excluding the effects of IFRIC 12, declined by 30 bp from 57.8% in 9M17 to 57.5%
in 9M18. Operating income increased by Ps. 613.4 million, or 12.9%, compared to 9M17.
EBITDA margin
increased by 40 bp from 62.7%
in 9M17 to 63.1% in 9M18. EBITDA margin, excluding the effects of IFRIC 12, decreased by 80 basis points from 70.7% in 9M17 to
69.9% in 9M18.
The nominal value of EBITDA increased by Ps. 719.9 million, or 12.4%.
Financial result
increased by
Ps. 240.4
million,
from a net gain of Ps. 132.5 million in 9M17 to a net cost of Ps. 107.9 million in 9M18. This amount mainly includes:
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The foreign exchange gain
decreased from a gain of Ps. 321.0 million in 9M17 to a gain of Ps. 210.2 million in 9M18 due to an 11.9% appreciation of the Mexican
peso against the U.S. dollar in 9M17 compared to an appreciation of 4.7% in 9M18, which
generated a decrease in foreign exchange
gain of Ps. 110.8 million.
This effect was offset by a decrease in net foreign exchange loss due to the currency translation
effect of Ps. 240.9 million compared with 9M17.
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-
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Interest expenses increased
by Ps. 212.9 million
compared to 9M17, mainly due to an increase in debt derived from the issuance of long-term bonds for Ps.
2.3 billion, as well as an increase in interest rates.
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-
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Interest income increased
by Ps. 83.3 million,
due to increases in the Company’s cash position as well as in interest rates.
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Comprehensive income
increased by Ps. 417.4
million, or 13.0%, compared to 9M17.
The main factor in this increase was a decrease
in the net exchange rate loss from currency translation effect of Ps. 240.9 million, or 43.0%.
Income before income taxes increased by Ps. 367.9
million, or 7.5%. Income taxes increased by Ps. 192.3 million, due to an increase in current tax benefits of Ps. 123.1 million
and a decline in deferred income tax benefits of Ps. 69.2 million. The decline in the deferred income tax benefits decrease was
mainly due a lower inflation rate, which fell from 4.4% in 9M17 to 2.6% in 9M18.
Statement of Financial Position
Total assets as of September 30, 2018 increased
by Ps. 2,347.2 million compared to September 30, 2017, primarily due to the following items: i) cash and cash equivalents of Ps.
999.6 million, ii) improvements to concession assets of Ps. 959.3 million, iii) machinery, equipment and improvements to leased
buildings of Ps. 255.1 million and iv) client accounts receivable of Ps. 188.7 million.
Total liabilities as of September 30, 2018 increased
by Ps. 2,767.3 million compared to September 30, 2017. This increase was primarily due to: i) bond issuances of Ps. 2.3 billion,
ii) dividends payable of Ps. 378.6 million, and iii) bank loans of Ps. 298.1 million, mainly driven by a 3.4% depreciation
of the Mexican peso. This result was offset by a decline in accounts payable of Ps. 357.0 million, among other factors.
Recent Events
On October 10, 2018,
GAP signed a Concession Contract with the Government of Jamaica for the operation, modernization and expansion of the Norman Manley
International Airport (“KIN”)
located in the city of Kingston, Jamaica. Per
the terms of the contract, GAP will take control of the operation and management of the airport in October 2019. The airport is
expected to contribute passenger traffic growth of approximately 3.5%, an estimated total revenue growth of 6.0% and EBITDA growth
of close to 1.5% to GAP’s consolidated results.
It is important to note that the consolidated
financial statements included in this report do not include KIN’s operations.
***
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.
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
www.lineadedenuncia.com/gap
.
GAP’s Audit Committee will be notified of all complaints for immediate investigation
.
Exhibit A: Operating results by airport
(in thousands of pesos):
(1) Others include the operating results of the
Aguascalientes, La Paz, Los Mochis, Manzanillo, Mexicali and Morelia airports.
Exhibit A: Operating
results by airport
(in thousands of pesos): (continued)
Exhibit B: Consolidated
statement of financial position as of September 30
(in thousands of pesos)
:
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):
Exhibit D: Consolidated statements
of profit or loss and other comprehensive income
(in thousands of pesos)
:
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)
:
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. In addition, DCA holds a 14.77% stake in the Santiago airport in Chile, the results of which are
recognized through the equity method in the share of profit (loss) of associates.
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:
WLU = Workload units represent passenger
traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).
* * *
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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Grupo Aeroportuario del Pacífico, S.A.B. de C.V.
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By:
/s/ SAÚL VILLARREAL GARCÍA
Name: Saúl Villarreal García
Title: Chief
Financial Officer
|
Date: October 25, 2018
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