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, 2021 (3Q21) (at the end of
this report, tables are presented comparing passenger traffic and
consolidated results for 2021 compared 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”).
COVID-19 Impact
During the nine months ended September 30, 2021
(9M21), passenger traffic increased 57.9% as compared to the same
period of 2020 and decreased 16.1% as compared to 2019,
demonstrating a better-than-expected recovery, despite continuing
restrictions on international travel. The Canadian Government
reopened non-essential flights beginning on September 7 for
passengers meeting certain eligibility requirements including being
fully vaccinated and presenting a negative COVID-19 PCR test. For
its part, the United States Government announced that beginning in
November it would begin gradually reopening land-border crossings
to fully vaccinated individuals, this could bring a positive result
for the Tijuana airport.
Company measures during
3Q21:
- The Company continued supporting
commercial clients during the quarter by granting discounts on
guaranteed minimum rent amounts in accordance with the percentage
decrease in passenger traffic at each airport as compared to 3Q19,
while maintaining our revenue share. With regards to support for
the airlines, the Company continued its incentive program in
accordance with the reactivation of routes and frequencies that
were held prior to the pandemic.
- Operating cost control measures
were maintained; however, because of the trend in passenger traffic
during 3Q21, we have gradually increased certain costs such as
maintenance, security, personnel, cleaning services, among others
related with the quality and passenger experience.
Impact of COVID-19 on the Company’s
Financial Position:
During 3Q21, results were significantly better
as compared to 3Q20. The Company generated positive EBITDA of Ps.
3,098.4 million as a result of a 72.5% increase in total revenues
and an increase in cost of services of 16.8%.
In 3Q21, operating activities continued
generating positive cash flow. The Company reported a financial
position of cash and cash equivalents as of September 30, 2021, of
Ps. 10,650.8 million (30.0% lower than the 3Q20 balance). During
3Q21, the Company made a capital reduction payment of Ps. 7.80 per
share outstanding for a total of Ps. 4,014.7 million and a maturity
payment on the “GAP16” debt securities of Ps. 1,500.0 million from
the proceeds of the issuance of debt securities during 2Q21.
Additionally, Ps. 1,151.3 million in share repurchases were made
during 3Q21.
In 3Q21, the Company performed an assessment of
the portfolio risk of our airlines and commercial clients in terms
of liquidity. Because of this assessment, the Company recognized a
reserve provision of Ps. 11.6 million for expected credit losses in
costs of operation.
During 3Q21, the Company continued evaluating
the possible adverse impacts of the pandemic on its financial
condition and operating results. The Company also reviewed key
indicators and impairment tests of significant long-term assets,
expected credit losses and recovery of assets due to deferred
taxes. In this evaluation, the Company reviewed financial results
for the short, medium, and long term, concluding that a significant
deterioration of the Company’s assets is not expected. As such, the
Company does not foresee a business interruption or closing
operations at any of its airports. However, the Company cannot
ensure that the negative effect of the pandemic will continue
decreasing in the coming quarter, nor can it ensure that local and
global economic conditions will improve. The Company can also not
predict the availability of financing, or what general credit
conditions will be. The Company will continue to monitor the
pandemic’s adverse effects on the results of operations and will
continue informing the market in a timely manner regarding future
material updates on airport operations and the measures adopted for
preserving liquidity and ensuring business continuity.
Summary of Results 3Q21 vs.
3Q20 (and 3Q19 for purposes of illustrating the
recovery trend):
- The sum of aeronautical and
non-aeronautical services revenues increased by Ps. 2,382.9
million, or 120.9% (Ps. 835.8 million, or 23.8%, as
compared to 3Q19). Total revenues increased by Ps. 2,224.7 million,
or 72.5% (Ps. 977.4 million, or 22.6%, as compared to 3Q19).
- Cost of services increased
by Ps. 109.1 million, or 16.8% (cost of services increased
Ps. 89.0 million, or 13.3%, as compared to 3Q19).
- Income from operations
increased by Ps. 1,994.2 million, or 340.2% (Ps. 578.0
million, or 28.9%, as compared to 3Q19).
- EBITDA increased by Ps.
2,005.2 million, or 183.4% (Ps. 656.4 million, or 26.9%,
as compared to 3Q19), going from Ps. 1,093.2 million in 3Q20 to Ps.
3,098.4 million in 3Q21. EBITDA margin (excluding the effects of
IFRIC-12) increased from 55.6% in 3Q20 to 71.3% in 3Q21 (EBITDA
margin (excluding the effects of IFRIC-12) was 69.5% in 3Q19).
- Net comprehensive income
increased Ps. 1,743.0 million, or 641.5% (Ps. 558.7
million, or 38.4%, as compared to 3Q19), from Ps. 271.7 million in
3Q20 to Ps. 2,014.7 million in 3Q21.
Passenger Traffic
During 3Q21, total passengers at the Company’s
14 airports increased by 6,010.9 thousand passengers, an increase
of 105.1%, compared to 3Q20 (total passengers decreased by 133.9
thousand passengers, or 1.1%, as compared to 3Q19). During 3Q21,
the following new routes were opened:
National:
Airline |
Departure |
Arrival |
Opening date |
Frequencies |
Aeromar |
Aguascalientes |
Monterrey |
July 1, 2021 |
2 weekly frequencies |
Aeromar |
La Paz |
Mazatlán |
July 2, 2021 |
3 weekly frequencies |
Note: Frequencies can vary without prior
notice.
International:
Airline |
Departure |
Arrival |
Opening date |
Frequencies |
Spirit |
Puerto Vallarta |
Dallas Fort Worth |
July 1, 2021 |
3 weekly frequencies |
Spirit |
Puerto Vallarta |
Houston |
July 1, 2021 |
3 weekly frequencies |
Spirit |
Puerto Vallarta |
Los Ángeles |
July 1, 2021 |
7 weekly frequencies |
Note: Frequencies can vary without prior
notice.
Domestic Terminal Passengers – 14
airports (in
thousands):
Airport |
3Q20 |
3Q21 |
Change |
9M20 |
9M21 |
Change |
Guadalajara |
1,260.0 |
2,246.8 |
78.3 |
% |
3,990.3 |
5,998.2 |
50.3 |
% |
Tijuana * |
1,211.0 |
1,837.2 |
51.7 |
% |
3,091.3 |
5,021.2 |
62.4 |
% |
Los Cabos |
305.8 |
558.0 |
82.5 |
% |
784.6 |
1,445.4 |
84.2 |
% |
Puerto Vallarta |
230.7 |
540.6 |
134.3 |
% |
632.5 |
1,294.2 |
104.6 |
% |
Guanajuato |
241.5 |
401.8 |
66.4 |
% |
722.0 |
1,082.7 |
50.0 |
% |
Montego Bay |
0.0 |
0.0 |
0.0 |
% |
1.0 |
0.0 |
(100.0 |
%) |
Hermosillo |
194.5 |
390.0 |
100.5 |
% |
649.1 |
1,008.3 |
55.4 |
% |
Mexicali |
151.7 |
300.9 |
98.4 |
% |
475.5 |
764.1 |
60.7 |
% |
Morelia |
97.3 |
138.4 |
42.3 |
% |
269.2 |
394.1 |
46.4 |
% |
La Paz |
127.1 |
237.4 |
86.8 |
% |
374.1 |
635.1 |
69.7 |
% |
Aguascalientes |
87.7 |
162.3 |
85.1 |
% |
245.3 |
404.7 |
65.0 |
% |
Kingston |
0.0 |
0.3 |
100.0 |
% |
1.3 |
1.0 |
(26.5 |
%) |
Los Mochis |
38.3 |
89.4 |
133.6 |
% |
135.7 |
252.0 |
85.8 |
% |
Manzanillo |
9.2 |
20.8 |
126.7 |
% |
34.3 |
61.0 |
78.1 |
% |
Total |
3,954.7 |
6,924.0 |
75.1 |
% |
11,406.2 |
18,362.1 |
61.0 |
% |
*CBX users are classified as international
passengers.
International Terminal
Passengers – 14 airports (in
thousands):
Airport |
3Q20 |
3Q21 |
Change |
9M20 |
9M21 |
Change |
Guadalajara |
528.4 |
1,098.9 |
108.0 |
% |
1,646.2 |
2,643.2 |
60.6 |
% |
Tijuana * |
382.1 |
738.5 |
93.3 |
% |
1,207.1 |
1,901.1 |
57.5 |
% |
Los Cabos |
284.2 |
944.3 |
232.3 |
% |
1,259.4 |
2,462.1 |
95.5 |
% |
Puerto Vallarta |
118.5 |
529.7 |
347.1 |
% |
1,229.8 |
1,457.9 |
18.5 |
% |
Guanajuato |
68.7 |
198.5 |
189.2 |
% |
233.8 |
447.3 |
91.4 |
% |
Montego Bay |
174.5 |
799.0 |
357.9 |
% |
1,324.1 |
1,760.6 |
33.0 |
% |
Hermosillo |
8.1 |
30.7 |
280.7 |
% |
28.7 |
76.6 |
166.5 |
% |
Mexicali |
0.3 |
1.8 |
419.0 |
% |
1.6 |
3.6 |
120.1 |
% |
Morelia |
53.2 |
116.1 |
118.1 |
% |
162.1 |
292.9 |
80.7 |
% |
La Paz |
0.9 |
5.4 |
483.7 |
% |
4.7 |
13.7 |
191.7 |
% |
Aguascalientes |
22.6 |
63.4 |
180.2 |
% |
77.9 |
152.0 |
95.0 |
% |
Kingston |
119.3 |
268.0 |
124.7 |
% |
494.4 |
566.8 |
14.6 |
% |
Los Mochis |
0.3 |
3.1 |
874.1 |
% |
1.6 |
7.1 |
329.7 |
% |
Manzanillo |
3.0 |
8.2 |
170.5 |
% |
32.6 |
29.7 |
(8.9 |
%) |
Total |
1,764.2 |
4,805.8 |
172.4 |
% |
7,704.1 |
11,814.5 |
53.4 |
% |
*CBX users are classified as international
passengers.
Total Terminal Passengers
– 14 airports (in
thousands):
Airport |
3Q20 |
3Q21 |
Change |
9M20 |
9M21 |
Change |
Guadalajara |
1,788.4 |
3,345.7 |
87.1 |
% |
5,636.5 |
8,641.5 |
53.3 |
% |
Tijuana * |
1,593.1 |
2,575.7 |
61.7 |
% |
4,298.4 |
6,922.3 |
61.0 |
% |
Los Cabos |
590.0 |
1,502.3 |
154.6 |
% |
2,044.0 |
3,907.5 |
91.2 |
% |
Puerto Vallarta |
349.2 |
1,070.3 |
206.5 |
% |
1,862.3 |
2,752.1 |
47.8 |
% |
Guanajuato |
310.1 |
600.3 |
93.6 |
% |
955.8 |
1,530.0 |
60.1 |
% |
Montego Bay |
174.5 |
799.0 |
357.9 |
% |
1,325.1 |
1,760.6 |
32.9 |
% |
Hermosillo |
202.5 |
420.7 |
107.7 |
% |
677.8 |
1,084.9 |
60.1 |
% |
Mexicali |
152.0 |
302.7 |
99.2 |
% |
477.2 |
767.8 |
60.9 |
% |
Morelia |
150.5 |
254.5 |
69.1 |
% |
431.3 |
687.0 |
59.3 |
% |
La Paz |
128.0 |
242.8 |
89.7 |
% |
378.8 |
648.8 |
71.3 |
% |
Aguascalientes |
110.3 |
225.7 |
104.6 |
% |
323.2 |
556.7 |
72.2 |
% |
Kingston |
119.3 |
268.3 |
124.9 |
% |
495.7 |
567.7 |
14.5 |
% |
Los Mochis |
38.6 |
92.5 |
139.7 |
% |
137.3 |
259.1 |
88.7 |
% |
Manzanillo |
12.2 |
29.0 |
137.6 |
% |
66.8 |
90.7 |
35.7 |
% |
Total |
5,718.9 |
11,729.8 |
105.1 |
% |
19,110.2 |
30,176.6 |
57.9 |
% |
*CBX users are classified as international
passengers.
CBX Users (in
thousands):
Airport |
3Q20 |
3Q21 |
Change |
9M20 |
9M21 |
Change |
Tijuana |
380.3 |
725.5 |
90.8 |
% |
1,198.0 |
1,878.2 |
56.8 |
% |
Consolidated Results for the Third
Quarter of 2021 (in thousands of
pesos):
|
3Q20 |
3Q21 |
Change |
Revenues |
|
|
|
Aeronautical services |
1,526,645 |
|
3,316,240 |
|
117.2 |
% |
Non-aeronautical services |
444,126 |
|
1,037,416 |
|
133.6 |
% |
Improvements to concession assets (IFRIC-12) |
1,097,300 |
|
939,145 |
|
(14.4 |
%) |
Total revenues |
3,068,071 |
|
5,292,801 |
|
72.5 |
% |
|
|
|
|
Operating costs |
|
|
Costs of services: |
650,245 |
|
759,323 |
|
16.8 |
% |
Employee costs |
248,704 |
|
276,236 |
|
11.1 |
% |
Maintenance |
83,742 |
|
136,477 |
|
63.0 |
% |
Safety, security & insurance |
108,553 |
|
124,716 |
|
14.9 |
% |
Utilities |
101,137 |
|
111,739 |
|
10.5 |
% |
Other operating expenses |
108,109 |
|
110,155 |
|
1.9 |
% |
|
|
|
|
Technical assistance fees |
58,254 |
|
146,706 |
|
151.8 |
% |
Concession taxes |
176,469 |
|
353,984 |
|
100.6 |
% |
Depreciation and amortization |
506,982 |
|
518,005 |
|
2.2 |
% |
Cost of improvements to concession assets (IFRIC-12) |
1,097,300 |
|
939,145 |
|
(14.4 |
%) |
Other (income) |
(7,387 |
) |
(4,735 |
) |
(35.9 |
%) |
Total operating costs |
2,481,863 |
|
2,712,428 |
|
9.3 |
% |
Income from operations |
586,209 |
|
2,580,373 |
|
340.2 |
% |
Financial Result |
(241,200 |
) |
(214,047 |
) |
(11.3 |
%) |
Income before income taxes |
345,009 |
|
2,366,325 |
|
585.9 |
% |
Income taxes |
7,432 |
|
(586,599 |
) |
7992.9 |
% |
Net income |
352,441 |
|
1,779,726 |
|
405.0 |
% |
Currency translation effect |
(127,539 |
) |
60,978 |
|
(147.8 |
%) |
Cash flow hedges, net of income tax |
58,447 |
|
164,213 |
|
181.0 |
% |
Remeasurements of employee benefit – net income tax |
(11,633 |
) |
9,777 |
|
184.0 |
% |
Comprehensive income |
271,716 |
|
2,014,694 |
|
641.5 |
% |
Non-controlling interest |
55,306 |
|
(45,769 |
) |
(182.8 |
%) |
Comprehensive income attributable to controlling
interest |
327,021 |
|
1,968,925 |
|
502.1 |
% |
|
|
|
|
|
|
|
|
|
3Q20 |
3Q21 |
Change |
EBITDA |
1,093,190 |
|
3,098,378 |
|
183.4 |
% |
Comprehensive income |
271,716 |
|
2,014,694 |
|
641.5 |
% |
Comprehensive income per share (pesos) |
0.5170 |
|
3.9143 |
|
657.1 |
% |
Comprehensive income per ADS (US dollars) |
0.2514 |
|
1.9036 |
|
657.1 |
% |
|
|
|
|
Operating income margin |
19.1 |
% |
48.8 |
% |
155.2 |
% |
Operating income margin (excluding IFRIC-12) |
29.7 |
% |
59.3 |
% |
99.3 |
% |
EBITDA margin |
35.6 |
% |
58.5 |
% |
64.3 |
% |
EBITDA margin (excluding IFRIC-12) |
55.6 |
% |
71.3 |
% |
28.2 |
% |
Costs of services and improvements / total revenues |
57.0 |
% |
32.1 |
% |
(43.7 |
%) |
Cost of services / total revenues (excluding IFRIC-12) |
33.0 |
% |
17.4 |
% |
(47.1 |
%) |
|
|
|
|
- Net income and comprehensive income per share
for 3Q21 were calculated based on 514,705,326 shares outstanding as
of September 30, 2021, and for 3Q20 were calculated based on
525,575,547 shares outstanding as of September 30, 2020. U.S.
dollar figures presented were converted from pesos to U.S. dollars
at a rate of Ps. 20.5620 per U.S. dollar (the noon buying rate on
September 30, 2021, as published by the U.S. Federal Reserve
Board). - For purposes of the consolidation of the Montego Bay and
Kingston airports, the average three-month exchange rate of Ps.
20.0092 per U.S. dollar for the three months ended September 30,
2021, was used.
Revenues (3Q21 vs. 3Q20)
- Aeronautical services
revenues increased by Ps. 1,789.6 million, or 117.2%.
- Non-aeronautical services
revenues increased by Ps. 593.3 million, or 133.6%.
- Revenues from improvements
to concession assets decreased by Ps. 158.2 million, or
14.4%.
- Total revenues increased by
Ps. 2,224.7 million, or 72.5%.
- The change in aeronautical
services revenues was composed primarily of the following
factors:
- Revenues at the Company’s
Mexican airports increased by Ps. 1,497.6 million
or 110.5% compared to 3Q20, mainly as a result of the 96.5%
increase in passenger traffic and the adjustment in maximum
rates.
- Revenues from the Montego
Bay airport increased by Ps. 225.5 million, or 274.5%,
compared to 3Q20. This was mainly due to the 357.9% increase in
passenger traffic. The passenger traffic increase was partially
offset by the 9.5% appreciation of the peso versus the U.S. dollar
during 3Q21, which went from an average exchange rate of Ps.
22.1055 in 3Q20 to Ps. 20.0092 in 3Q21.
- Revenues from the Kingston
airport increased by Ps. 66.4 million, or 74.4% compared
to 3Q20, mainly due to a 124.9% increase in passenger traffic. The
appreciation of the peso versus the dollar partially offset the
increase in passenger traffic.
- The change in
non-aeronautical services revenues was composed
primarily of the following factors :
- The Company’s revenues from the
Mexican airports increased by Ps. 499.2 million,
or 135.7%, compared to 3Q20. Revenues from businesses operated by
third parties increased by Ps. 353.7 million. This was mainly due
to the recovery of passenger traffic that resulted in the gradual
phase-out of discounts to our tenants. The business lines that
increased the most were food and beverage, duty-free stores,
retail, car rentals, time shares and ground transportation, which
jointly increased by Ps. 329.3 million, or 180.0%. Revenues from
businesses operated directly by the Company increased by Ps. 137.0
million, or 145.0%, while the recovery of costs increased by Ps.
8.4 million, or 30.2%.
- Revenues from the Montego
Bay airport increased by Ps. 72.4 million, or 138.8%,
compared to 3Q20. Revenues in U.S. dollars increased by US$ 3.9
million, or 163.8%. However, the 9.5% appreciation of the peso
versus the dollar partially offset the revenue increase in
3Q21.
- Revenues from the Kingston
airport increased by Ps. 21.7 million, or 89.8%, compared
to 3Q20. Revenues in U.S. dollars increased by US$ 1.2 million, or
109.7%.
|
3Q20 |
3Q21 |
Change |
Businesses operated by third parties: |
Duty-free |
54,116 |
153,167 |
183.0 |
% |
Food and beverage |
44,320 |
163,585 |
269.1 |
% |
Retail |
43,445 |
119,901 |
176.0 |
% |
Car rentals |
51,512 |
112,400 |
118.2 |
% |
Leasing of space |
48,312 |
65,596 |
35.8 |
% |
Time shares |
20,612 |
54,657 |
165.2 |
% |
Ground transportation |
18,720 |
36,733 |
96.2 |
% |
Communications and financial services |
11,082 |
22,325 |
101.4 |
% |
Other commercial revenues |
16,612 |
24,357 |
46.6 |
% |
Total |
308,731 |
752,719 |
143.8 |
% |
|
|
|
|
Businesses operated directly by us: |
Car parking |
58,820 |
106,057 |
80.3 |
% |
VIP lounges |
11,887 |
60,774 |
411.3 |
% |
Advertising |
9,432 |
11,813 |
25.2 |
% |
Convenience stores |
18,017 |
59,391 |
229.6 |
% |
Total |
98,156 |
238,034 |
142.5 |
% |
Recovery of costs |
37,239 |
46,661 |
25.3 |
% |
Total Non-aeronautical Revenues |
444,126 |
1,037,416 |
133.6 |
% |
|
|
|
|
Figures expressed in thousands of Mexican
pesos.
- Revenues from improvements
to concession assets1 Revenues from improvements to
concession assets (IFRIC-12) decreased by Ps. 158.2 million, or
14.4%, compared to 3Q20, mainly in:
- The Company’s Mexican airports,
which decreased by Ps. 151.8 million, or 14.1%, as a result of the
adjustment in committed investments in the Master Development
Program for the 2020-2024 period.
- Improvements to concession assets
at the Montego Bay airport decreased Ps. 6.4 million, or 30.1%.
During 3Q21, no investments in improvements to concession assets
were made at the Kingston airport.
________________________
[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.
Total operating costs increased by Ps.
230.6 million, or 9.3%, compared to 3Q20, mainly due to a
Ps. 266.0 million, or 113.3%, increase in concession taxes and
technical assistance fees, and a Ps. 109.1 million, or 16.8%
increase in cost of services. This increase was partially offset by
a Ps. 158.2 million, or 14.4%, decrease in the cost of improvements
to the concession assets (IFRIC-12). Excluding the cost of
improvements to concession assets, operating costs increased Ps.
388.8 million, or 28.1%. This was composed primarily of
the following factors: Mexican
Airports:
- Operating costs increased
by Ps. 173.5 million, or 8.4%, compared to 3Q20, primarily
due to a combined Ps. 184.1 million, or 127.9%, increase in
technical assistance fees and concession taxes, a Ps. 115.4
million, or 24.3%, increase in cost of services and a Ps. 23.6
million, or 6.3%, increase in depreciation and amortization. This
increase was partially offset by a Ps. 151.8 million, or 14.1%,
decrease in the cost of improvements to the concession assets
(IFRIC-12). Excluding this cost, operating costs increased
by Ps. 325.3 million or 32.9%.
The increase in the cost of services during 3Q21
was mainly due to:
- Maintenance costs
increased by Ps. 51.4 million, or 83.5%, compared to
3Q20.
- Employee costs
increased Ps. 24.1 million, or 11.8%, compared to 3Q20, mainly due
to the recognition of labor provisions in accordance with the Labor
Reform Law and the hiring of additional personnel as required for
airport operations due to the recovery of passenger traffic.
- Safety, security and
insurance costs increased Ps. 23.9 million, or 35.7%,
compared to 3Q20, mainly due to an increase in the number of
security staff as compared to 3Q20 when the partial closure of some
operating areas reduced the need for personnel.
- Utilities
increased by Ps. 12.3 million or 19.4%, compared to 3Q20.
Montego Bay Airport:
- Operating costs increased
by Ps. 18.7 million, or 7.3%, compared to
3Q20, mainly due to a Ps. 36.8 million, or 281.1%, increase in
concession taxes. The increase was partially offset by a Ps. 6.3
million, or 30.1%, decrease in cost of improvements to the
concession assets (IFRIC-12), a Ps. 12.9 million, or 9.8%, decrease
in depreciation and amortization as a result of the 9.5%
appreciation of the Mexican peso against the U.S. dollar.
Kingston Airport:
- Operating costs increased
by Ps. 38.4 million, or 24.1% compared to 3Q20, mainly due
to a Ps. 45.1 million, or 58.0%, increase in concession taxes and
was partially offset by a Ps. 6.9 million, or 8.7%, decrease in the
cost of services.
Operating margin went from
19.1% in 3Q20 to 48.8% in 3Q21. Excluding the effects of IFRIC-12,
operating margin went from 29.7% to 59.3% in 3Q21. Operating income
increased Ps. 1,994.2 million, or 340.2%, compared to 3Q20.
EBITDA margin went from 35.6%
in 3Q20 to 58.5% in 3Q21. Excluding the effects of IFRIC-12, EBITDA
margin went from 55.6% in 3Q20 to 71.3% in 3Q21. The
nominal value of EBITDA increased Ps. 2,005.2 million, or
183.4%, compared to 3Q20.
Financial cost decreased by
Ps. 27.2 million, or 11.3%, from a net expense of
Ps. 241.2 million in 3Q20 to a net expense of Ps. 214.0 million in
3Q21. This decrease was mainly the result of:
- Foreign exchange rate
fluctuations, which went from income of Ps. 12.4 million
in 3Q20 to income of Ps. 87.6 million in 3Q21. This
generated an increase in the foreign exchange gain of Ps.
75.2 million. The currency translation effect income
increased Ps. 188.5 million, compared to 3Q20.
- An increase in interest
expenses of Ps. 22.5 million, or 5.9%, compared to 3Q20,
mainly due to higher debt as a result of the issuance of long-term
bonds.
- Interest income decreased
by Ps. 25.5 million, or 20.1%, compared to 3Q20, mainly
due to a decrease in the average balance of cash and cash
equivalents during 3Q21 as compared to 3Q20.
In 3Q21, comprehensive income increased
Ps. 1,743.0 million, or 641.5%, compared to 3Q20. This
increase was mainly due to the Ps. 2,021.3 million increase in
profit before taxes derived from the significant increase in
passenger traffic, as well as the Ps. 188.5 million increase in
currency translation effect. This increase was partially offset by
an increase in income taxes of Ps. 594.0 million.
During 3Q21, net income increased by Ps.
1,427.3 million, or 405.0%, compared to 3Q20. Income taxes
increased by Ps. 487.7 million and the benefit for deferred taxes
decreased by Ps. 106.3 million, mainly due to the application of
tax losses in Ps. 62.9 million and a decrease in the inflation
rate, that went from 1.7% in 3Q20 to 1.5% in 3Q21.
Consolidated Results for the First Nine
Months of 2021 (in thousands of
pesos):
|
9M20 |
9M21 |
Change |
Revenues |
|
|
|
Aeronautical services |
5,202,303 |
|
8,412,610 |
|
61.7 |
% |
Non-aeronautical services |
1,797,608 |
|
2,584,554 |
|
43.8 |
% |
Improvements to concession assets (IFRIC-12) |
2,522,058 |
|
2,829,371 |
|
12.2 |
% |
Total revenues |
9,521,968 |
|
13,826,535 |
|
45.2 |
% |
|
|
|
|
Operating costs |
|
|
|
|
Costs of services: |
2,030,357 |
|
2,107,665 |
|
3.8 |
% |
Employee costs |
735,170 |
|
809,698 |
|
10.1 |
% |
Maintenance |
295,547 |
|
339,953 |
|
15.0 |
% |
Safety, security & insurance |
337,958 |
|
373,147 |
|
10.4 |
% |
Utilities |
272,456 |
|
284,503 |
|
4.4 |
% |
Other operating expenses |
389,226 |
|
300,364 |
|
(22.8 |
%) |
|
|
|
|
Technical assistance fees |
199,296 |
|
370,504 |
|
85.9 |
% |
Concession taxes |
714,896 |
|
871,641 |
|
21.9 |
% |
Depreciation and amortization |
1,494,213 |
|
1,531,129 |
|
2.5 |
% |
Cost of improvements to concession assets (IFRIC 12) |
2,522,058 |
|
2,829,371 |
|
12.2 |
% |
Other expense (income) |
1,635 |
|
(5,372 |
) |
(428.5 |
%) |
Total operating costs |
6,962,454 |
|
7,704,938 |
|
10.7 |
% |
Income from operations |
2,559,514 |
|
6,121,597 |
|
139.2 |
% |
|
|
|
|
Financial Result |
(567,380 |
) |
(699,548 |
) |
23.3 |
% |
Income before income taxes |
1,992,134 |
|
5,422,049 |
|
172.2 |
% |
Income taxes |
(413,839 |
) |
(1,180,768 |
) |
185.3 |
% |
Net income |
1,578,295 |
|
4,241,281 |
|
168.7 |
% |
Currency translation effect |
1,223,592 |
|
(24,246 |
) |
(102.0 |
%) |
Cash flow hedges, net of income tax |
(289,658 |
) |
404,240 |
|
239.6 |
% |
Remeasurements of employee benefit – net income tax |
(21,338 |
) |
11,614 |
|
154.4 |
% |
Comprehensive income |
2,490,891 |
|
4,632,889 |
|
86.0 |
% |
Non-controlling interest |
(108,803 |
) |
(45,120 |
) |
58.5 |
% |
Comprehensive income attributable to controlling
interest |
2,382,088 |
|
4,587,769 |
|
92.6 |
% |
|
|
|
|
|
|
|
|
|
9M20 |
9M21 |
Change |
EBITDA |
4,053,727 |
|
7,652,727 |
|
88.8 |
% |
Comprehensive income |
2,490,891 |
|
4,632,889 |
|
86.0 |
% |
Comprehensive income per share (pesos) |
4.7394 |
|
9.0011 |
|
89.9 |
% |
Comprehensive income per ADS (US dollars) |
2.3049 |
|
4.3775 |
|
89.9 |
% |
|
|
|
|
Operating income margin |
26.9 |
% |
44.3 |
% |
64.7 |
% |
Operating income margin (excluding IFRIC-12) |
36.7 |
% |
55.7 |
% |
51.8 |
% |
EBITDA margin |
42.6 |
% |
55.3 |
% |
30.0 |
% |
EBITDA margin (excluding IFRIC-12) |
57.9 |
% |
69.6 |
% |
20.2 |
% |
Costs of services and improvements / total revenues |
47.8 |
% |
35.7 |
% |
(25.3 |
%) |
Cost of services / total revenues (excluding IFRIC-12) |
29.0 |
% |
19.2 |
% |
(33.9 |
%) |
|
|
|
|
- Net income and comprehensive income per share
for the nine-month period ended September 30, 2021, were calculated
based on 514,705,326 shares outstanding as of September 30, 2021,
and for the nine-month period ended September 30, 2020, were
calculated based on 525,575,547 shares outstanding as of September
30, 2020. U.S. dollar figures presented were converted from pesos
to U.S. dollars at a rate of Ps. 20.5620 per U.S. dollar (the noon
buying rate on September 30, 2021, as published by the U.S. Federal
Reserve Board). - For purposes of the consolidation of the Montego
Bay and Kingston airports, the average nine-month exchange rate of
Ps. 20.1262 per U.S. dollar for the nine months ended September 30,
2021, was used.
Revenues (9M21 vs 9M20)
- Aeronautical services
revenues increased by Ps. 3,210.3 million, or 61.7%.
- Non-aeronautical services
revenues increased by Ps. 786.9 million, or 43.8%.
- Revenues from improvements
to concession assets increased by Ps. 307.3 million, or
12.2%.
- Total revenues increased by
Ps. 4,304.6 million, or 45.2%.
- The change in aeronautical
services revenues was composed of the following factors:
- Revenues at the Company’s Mexican
airports increased by Ps. 3,027.4 million or 69.8% during the
period from January to September 2021, mainly as a result of the
61.1% increase in passenger traffic and the increase in the maximum
rates applicable for 2021 as a result of the Extraordinary Review
Process of our Master Development Program.
- Revenues from the Montego
Bay airport increased by Ps. 102.1 million, or 17.3%,
compared to the same period in 2020. This was mainly due to the
32.9% increase in passenger traffic and partially offset by the
7.6% appreciation of the peso versus the U.S. dollar during the
nine months ended September 30, 2021.
- Revenues from the Kingston
airport increased by Ps. 80.8 million, or 29.4% compared
to 2020, mainly due to a 14.5% increase in passenger traffic and
partially offset by the 7.6% appreciation of the peso versus the
dollar during the period from January to September 2021.
- The change in
non-aeronautical services revenues was composed
primarily of the following factors :
- The revenues from the Company’s
Mexican airports increased by Ps. 717.7 million,
or 49.8%, compared to 2020. Revenues from businesses operated by
third parties increased by Ps. 547.0 million, or 58.2%. This was
mainly due to the recovery of passenger traffic that resulted in
the gradual phase-out of discounts to tenants. The business lines
that increased the most were food and beverage, duty-free stores,
retail, car rentals, time shares and other commercial income, which
jointly increased by Ps. 494.7 million, or 70.1%. Revenues from
businesses operated directly by the Company increased by Ps. 164.7
million, or 41.0%. This increase was primarily due to an increase
in revenue from parking, convenience stores and VIP lounges which
jointly increased Ps. 195.9 million and was partially offset by a
Ps. 31.2 million decrease in revenues from publicity. The recovery
of costs increased by Ps. 6.0 million, or 6.0%.
- Revenues from the Montego
Bay airport increased by Ps. 61.8 million, or 24.2%,
compared to 2020, primarily due to a 32.9% increase in passenger
traffic.
- The consolidation of the
Kingston airport contributed an increase of Ps.
7.4 million, or 7.4%, to non-aeronautical services revenues as
compared to 2020.
|
9M20 |
9M21 |
Change |
Businesses operated by third parties: |
Duty-free |
231,790 |
375,606 |
62.0 |
% |
Food and beverage |
221,641 |
367,414 |
65.8 |
% |
Retail |
186,678 |
285,563 |
53.0 |
% |
Car rentals |
208,228 |
288,053 |
38.3 |
% |
Leasing of space |
153,509 |
175,840 |
14.5 |
% |
Time shares |
74,155 |
134,677 |
81.6 |
% |
Ground transportation |
69,393 |
97,805 |
40.9 |
% |
Communications and financial services |
48,010 |
61,200 |
27.5 |
% |
Other commercial revenues |
55,676 |
82,678 |
48.5 |
% |
Total |
1,249,080 |
1,868,836 |
49.6 |
% |
|
|
|
|
Businesses operated directly by us: |
Car parking |
160,054 |
273,322 |
70.8 |
% |
VIP lounges |
112,574 |
145,184 |
29.0 |
% |
Advertising |
67,105 |
33,669 |
(49.8 |
%) |
Convenience stores |
76,829 |
128,436 |
67.2 |
% |
Total |
416,562 |
580,611 |
39.4 |
% |
Recovery of costs |
131,966 |
135,107 |
2.4 |
% |
Total Non-aeronautical Revenues |
1,797,608 |
2,584,554 |
43.8 |
% |
|
|
|
|
Figures expressed in thousands of Mexican
pesos.
- Revenues from improvements
to concession assets2 Revenues from improvements to
concession assets (IFRIC-12) increased by Ps. 307.3 million, or
12.2%, compared to 2020, mainly in:
- The Company’s Mexican airports,
which increased by Ps. 351.7 million, or 14.5%, as a result of the
increase in committed investments in the Master Development Program
for the 2020-2024 period.
- Improvements to concession assets
at the Montego Bay airport decreased Ps. 44.4 million, or 44.3%.
During the 2021 period, no investments in improvements to
concession assets were made at the Kingston airport.
________________________[2] Revenues from
improvements to concession assets are recognized in accordance with
International Financial Reporting Interpretation Committee 12
“Service Concession Arrangements” (IFRIC 12), but this recognition
does not have a cash impact or an impact on the Company’s operating
results. Amounts included as a result of the recognition of IFRIC
12 are related to construction of infrastructure in each quarter to
which the Company has committed in accordance with the Company’s
Master Development Programs in Mexico and Capital Development
Program in Jamaica. All margins and ratios calculated using “Total
Revenues” include revenues from improvements to concession assets
(IFRIC 12), and, consequently, such margins and ratios may not be
comparable to other ratios and margins, such as EBITDA margin,
operating margin or other similar ratios that are calculated based
on those results of the Company that do have a cash impact.
Total operating costs increased by Ps.
742.5 million, or 10.7%, compared to the same period of
2020, mainly due to a Ps. 328.0 million, or 35.9%, increase in
concession taxes and technical assistance fees, Ps. 307.3 million,
or 12.2%, increase in the cost of improvements to the concession
assets (IFRIC-12) and Ps. 77.3 million, or 3.8%, increase in the
cost of services. Excluding the cost of improvements to
concession assets (IFRIC-12), operating costs increased Ps. 435.2
million, or 9.8%. This was composed primarily of the
following factors:
Mexican Airports:
- Operating costs increased by Ps. 889.9 million, or
16.1%, compared to the same period of 2020, primarily due
to a Ps. 354.3 million, or 72.8%, increase in concession taxes and
technical assistance fees, a Ps. 351.7 million, or 14.5%, increase
in the cost of improvements to the concession assets (IFRIC-12), a
Ps. 59.0 million, or 5.4%, increase in depreciation and
amortization and a Ps. 128.4 million, or 8.5%, increase in the cost
of services.
The cost of services was mainly comprised of the
following:
- Employee costs
increased Ps. 82.6 million, or 14.2%, compared to the same period
of 2020, mainly due to the recognition of labor provisions in
accordance with the Labor Reform Law and the hiring of additional
personnel as required for airport operations.
- Maintenance costs
increased by Ps. 54.1 million, or 24.1%, as a result of the
increase in essential maintenance required as a result of the
increase in passenger traffic.
- Safety, security and
insurance costs increased Ps. 47.3 million, or 21.5%,
compared to the same period of 2020.
- Utilities
increased by Ps. 10.2 million or 5.9%, compared to the same period
of 2020.
- These increases were partially
offset by a decrease in Other operating expenses
of Ps. 65.8 million or 21.2%, compared to the same period of 2020,
mainly due to a Ps. 85.1 million combined decrease in the allowance
for credit losses, sanitation supplies, the purchase of supplies
and donations to the medical sector for the prevention of COVID-19,
professional services, and publicity. This decrease was partially
offset by a combined increase of Ps. 24.1 million in the cost of
goods and services for our VIP lounges and convenience stores, FBO
services, among others.
Montego Bay Airport:
- Operating costs decreased by Ps. 159.1 million, or
16.2%, compared to the same period of 2020, mainly due to
a Ps. 72.1 million, or 37.5%, decrease in concession taxes, a Ps.
44.4 million, or 44.3%, decrease in the cost of improvements to
concession assets (IFRIC-12), a Ps. 23.0 million, or 6.0%, decrease
in depreciation and amortization and a Ps. 17.2 million, or 5.8%,
decrease in the cost of services.
Kingston Airport:
- The consolidation of the airport generated an increase
in operating costs of Ps. 12.7 million during the January
to September period of 2021, mainly due to a Ps. 45.8 million, or
19.4%, increase in concession taxes and partially offset by a Ps.
33.8 million, or 15.4%, decrease in the cost of services, primarily
as a result of a Ps. 23.0 million, or 50.5%, decrease in other
operating expenses in the allowance for credit losses.
Operating margin went from
26.9% in the period from January to September 2020 to 44.3% in the
same period of 2021. Excluding the effects of IFRIC-12, operating
margin went from 36.7% in the 2020 period to 55.7% in the same
period of 2021. Operating income increased Ps. 3,562.1 million, or
139.2%, compared to the 2020 period.
EBITDA margin increased 1,270
basis points from 42.6% in the January to September 2020 period to
55.3% in the same period of 2021. Excluding the effects of
IFRIC-12, EBITDA margin increased 1,170 basis points from 57.9% in
the 2020 period to 69.6% in the 2021 period. The nominal
value of EBITDA was Ps. 7,652.7 million from January to September
2021 compared to Ps. 4,053.7 million during the same
period of 2020, an increase of 88.8%.
Financial cost increased by
Ps. 132.2 million, from a net expense of Ps. 567.4
million during the period from January to September 2020 to a net
expense of Ps. 699.6 million during the same period of 2021. This
increase was mainly the result of:
- Foreign exchange rate fluctuations went from
income of Ps. 199.5 million during the period from January to
September 2020 to income of Ps. 205.2 million during the same
period of 2021. This generated an increase in the foreign
exchange gain of Ps. 5.7 million. Currency translation
effect income also decreased by 1,247.8 million as
compared to the 2020 period due to the fact that the exchange rate
as of September 30, 2020, closed at Ps. 22.4573 as compared to Ps.
20.3060 as of September 30, 2021, an appreciation by the peso of
9.6%.
- An increase in interest expense of Ps. 94.8 million, or
8.6%, compared to the 2020 period, mainly due to higher
debt as a result of the issuance of long-term bonds issued during
2021.
- Interest income decreased by Ps. 43.1 million, or
12.7%, compared to the 2020 period, mainly due to a
decrease in the average balance of cash and cash equivalents during
the 2021 period.
Comprehensive income increased Ps.
2,142.0 million, or 86.0% compared to the 2020 period.
This increase was mainly due to a Ps. 3,429.9 million increase in
profit before taxes and a Ps. 693.9 million increase in the cash
flow hedge reserve. This increase was partially offset by a Ps.
1,247.8 million decrease in currency translation effect.
Net income increased Ps.
2,663.0 million, or 168.7% during the nine months ended September
30, 2021. Income taxes increased by Ps. 766.9 million, or 185.3%,
as a result of a Ps. 819.8 million increase in current income taxes
and a Ps. 52.9 million increase in the benefit for deferred taxes,
mainly due to the application of tax losses of Ps. 142.2 million
and partially offset by an increase in the inflation rate, that
went from 2.1% in the 2020 period to 4.9% during the same period of
2021.
Statement of Financial
Position
Total assets as of September 30, 2021, decreased
by Ps. 3,085.9 million as compared to September 30, 2020, primarily
due to the following items: (i) a Ps. 4,569.6 million decrease in
cash and cash equivalents and ii) a Ps. 784.3 million decrease in
the value of concession assets (due to the valuation of the Jamaica
concessions in U.S. dollars and the appreciation of the peso).
These decreases were partially offset by increases of: i) Ps.
1,042.4 million in improvements to concession assets; (ii) Ps.
948.3 million in machinery, equipment and leasehold improvements
and advances to suppliers; and (iii) Ps. 241.5 million in other
current assets, among others.
Total liabilities
as of September 30, 2021, increased by Ps. 965.8 million compared
to September 30, 2020. This increase was primarily due to the
following items: (i) Long-term bonds (net) of Ps. 3,000.0 million;
(ii) income taxes of Ps. 841.0 million and (iii) concession taxes
of Ps. 154.3 million. This was partially offset by decreases of:
(i) Ps. 2,000.0 million in bank loans, (ii) Ps. 590.5 million in
derivative financial instruments and (iii) Ps. 170.2 million in
deferred taxes, among others.
Recent Events
- On October 15, 2021, the Company
successfully issued in Mexico 25 million long-term debt securities
(Certificados Bursátiles) for a total Ps. 2,500.0 million, in
accordance with the following terms: i) Ps. 1,500.0 million of
these securities have a variable interest rate of TIIE-28 plus 25
basis points, and the principal payment will be made on October 9,
2026; and ii) Ps. 1,000.0 million have a fixed interest rate of
7.91% with the principal payment due on April 28, 2028.
- As of the date of this report, the
Company has repurchased 11,252,916 shares at an average price of
Ps. 218.45 per share, for a total of Ps. 2,458.2
million.
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
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
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):
Airport |
3Q20 |
3Q21 |
Change |
9M20 |
9M21 |
Change |
Guadalajara |
|
|
|
|
|
|
Aeronautical services |
511,304 |
|
936,476 |
83.2 |
% |
1,486,854 |
|
2,364,802 |
59.0 |
% |
Non-aeronautical services |
124,227 |
|
216,335 |
74.1 |
% |
426,618 |
|
588,628 |
38.0 |
% |
Improvements to concession assets (IFRIC 12) |
345,253 |
|
281,771 |
(18.4 |
%) |
776,820 |
|
845,313 |
8.8 |
% |
Total Revenues |
980,784 |
|
1,434,583 |
46.3 |
% |
2,690,291 |
|
3,798,741 |
41.2 |
% |
Operating income |
328,999 |
|
742,786 |
125.8 |
% |
996,014 |
|
1,887,733 |
89.5 |
% |
EBITDA |
421,434 |
|
839,895 |
99.3 |
% |
1,271,400 |
|
2,180,329 |
71.5 |
% |
|
|
|
|
|
|
|
Tijuana |
|
|
|
|
|
|
Aeronautical services |
297,610 |
|
511,009 |
71.7 |
% |
806,134 |
|
1,345,821 |
66.9 |
% |
Non-aeronautical services |
70,597 |
|
114,533 |
62.2 |
% |
233,815 |
|
315,577 |
35.0 |
% |
Improvements to concession assets (IFRIC 12) |
191,013 |
|
407,033 |
113.1 |
% |
429,779 |
|
1,221,098 |
184.1 |
% |
Total Revenues |
559,219 |
|
1,032,575 |
84.6 |
% |
1,469,729 |
|
2,882,497 |
96.1 |
% |
Operating income |
191,116 |
|
394,096 |
106.2 |
% |
496,414 |
|
1,038,858 |
109.3 |
% |
EBITDA |
255,741 |
|
456,547 |
78.5 |
% |
685,116 |
|
1,230,993 |
79.7 |
% |
|
|
|
|
|
|
|
Los Cabos |
|
|
|
|
|
|
Aeronautical services |
194,119 |
|
540,223 |
178.3 |
% |
668,924 |
|
1,403,875 |
109.9 |
% |
Non-aeronautical services |
76,355 |
|
257,178 |
236.8 |
% |
329,332 |
|
603,269 |
83.2 |
% |
Improvements to concession assets (IFRIC 12) |
216,466 |
|
111,408 |
(48.5 |
%) |
487,049 |
|
334,223 |
(31.4 |
%) |
Total Revenues |
486,940 |
|
908,809 |
86.6 |
% |
1,485,305 |
|
2,341,367 |
57.6 |
% |
Operating income |
107,858 |
|
548,226 |
408.3 |
% |
500,133 |
|
1,367,260 |
173.4 |
% |
EBITDA |
175,129 |
|
615,771 |
251.6 |
% |
699,397 |
|
1,561,092 |
123.2 |
% |
|
|
|
|
|
|
|
Puerto Vallarta |
|
|
|
|
|
|
Aeronautical services |
103,106 |
|
338,057 |
227.9 |
% |
587,644 |
|
893,818 |
52.1 |
% |
Non-aeronautical services |
34,450 |
|
108,579 |
215.2 |
% |
205,160 |
|
284,093 |
38.5 |
% |
Improvements to concession assets (IFRIC 12) |
151,609 |
|
77,817 |
(48.7 |
%) |
341,120 |
|
233,450 |
(31.6 |
%) |
Total Revenues |
289,165 |
|
524,452 |
81.4 |
% |
1,133,923 |
|
1,411,361 |
24.5 |
% |
Operating income |
29,003 |
|
270,060 |
831.1 |
% |
416,505 |
|
723,078 |
73.6 |
% |
EBITDA |
71,792 |
|
313,466 |
336.6 |
% |
541,774 |
|
855,602 |
57.9 |
% |
|
|
|
|
|
|
|
Montego Bay |
|
|
|
|
|
|
Aeronautical services |
82,213 |
|
307,859 |
274.5 |
% |
589,003 |
|
691,064 |
17.3 |
% |
Non-aeronautical services |
52,190 |
|
124,623 |
138.8 |
% |
255,863 |
|
317,675 |
24.2 |
% |
Improvements to concession assets (IFRIC 12) |
20,996 |
|
14,669 |
(30.1 |
%) |
100,373 |
|
55,942 |
(44.3 |
%) |
Total Revenues |
155,399 |
|
447,151 |
187.7 |
% |
945,239 |
|
1,064,680 |
12.6 |
% |
Operating (loss) income |
(100,017 |
) |
173,069 |
273.0 |
% |
(32,927 |
) |
245,554 |
845.8 |
% |
EBITDA |
31,336 |
|
291,557 |
830.4 |
% |
351,970 |
|
607,449 |
72.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
Exhibit A: Operating results by
airport (in thousands of pesos):
(continued)
Airport |
3Q20 |
3Q21 |
Change |
9M20 |
9M21 |
Change |
Guanajuato |
|
|
|
|
|
|
Aeronautical services |
74,120 |
|
164,660 |
122.2 |
% |
237,834 |
|
413,189 |
73.7 |
% |
Non-aeronautical services |
20,484 |
|
38,165 |
86.3 |
% |
84,437 |
|
100,736 |
19.3 |
% |
Improvements to concession assets (IFRIC 12) |
43,293 |
|
3,094 |
(92.9 |
%) |
97,408 |
|
9,281 |
(90.5 |
%) |
Total Revenues |
137,897 |
|
205,919 |
49.3 |
% |
419,679 |
|
523,205 |
24.7 |
% |
Operating (loss) income |
36,915 |
|
120,450 |
226.3 |
% |
150,895 |
|
306,508 |
103.1 |
% |
EBITDA |
55,214 |
|
139,476 |
152.6 |
% |
204,707 |
|
362,832 |
77.2 |
% |
|
|
|
|
|
|
|
Hermosillo |
|
|
|
|
|
|
Aeronautical services |
39,962 |
|
91,901 |
130.0 |
% |
140,245 |
|
234,903 |
67.5 |
% |
Non-aeronautical services |
11,473 |
|
17,851 |
55.6 |
% |
47,283 |
|
53,613 |
13.4 |
% |
Improvements to concession assets (IFRIC 12) |
5,796 |
|
4,341 |
(25.1 |
%) |
13,042 |
|
13,024 |
(0.1 |
%) |
Total Revenues |
57,231 |
|
114,093 |
99.4 |
% |
200,570 |
|
301,539 |
50.3 |
% |
Operating (loss) income |
(2,351 |
) |
32,619 |
1487.3 |
% |
29,441 |
|
102,965 |
249.7 |
% |
EBITDA |
16,829 |
|
51,321 |
205.0 |
% |
86,552 |
|
160,427 |
85.4 |
% |
|
|
|
|
|
|
|
Others (1) |
|
|
|
|
|
|
Aeronautical services |
224,212 |
|
426,055 |
90.0 |
% |
685,664 |
|
1,065,138 |
55.3 |
% |
Non-aeronautical services |
54,350 |
|
99,456 |
83.0 |
% |
215,101 |
|
257,858 |
19.9 |
% |
Improvements to concession assets (IFRIC 12) |
122,874 |
|
39,014 |
(68.2 |
%) |
276,465 |
|
117,041 |
(57.7 |
%) |
Total Revenues |
401,435 |
|
564,525 |
40.6 |
% |
1,177,230 |
|
1,440,038 |
22.3 |
% |
Operating (loss) income |
(44,549 |
) |
54,564 |
222.5 |
% |
(60,111 |
) |
189,062 |
414.5 |
% |
EBITDA |
16,096 |
|
128,777 |
700.0 |
% |
118,860 |
|
393,287 |
230.9 |
% |
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
Aeronautical services |
1,526,645 |
|
3,316,240 |
117.2 |
% |
5,202,303 |
|
8,412,610 |
61.7 |
% |
Non-aeronautical services |
444,126 |
|
976,722 |
119.9 |
% |
1,797,608 |
|
2,521,447 |
40.3 |
% |
Improvements to concession assets (IFRIC 12) |
1,097,300 |
|
939,145 |
(14.4 |
%) |
2,522,058 |
|
2,829,371 |
12.2 |
% |
Total Revenues |
3,068,071 |
|
5,232,106 |
70.5 |
% |
9,521,969 |
|
13,763,428 |
44.5 |
% |
Operating income |
546,974 |
|
2,335,870 |
327.1 |
% |
2,496,364 |
|
5,861,017 |
134.8 |
% |
EBITDA |
1,043,572 |
|
2,836,810 |
171.8 |
% |
3,959,777 |
|
7,352,009 |
85.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
(1) Others include the operating results of the Aguascalientes,
La Paz, Los Mochis, Manzanillo, Mexicali, Morelia and Kingston
airports.
Exhibit B: Consolidated statement of
financial position as of September 30 (in
thousands of pesos):
|
2020 |
|
2021 |
|
Change |
% |
Assets |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
15,220,432 |
|
10,650,840 |
|
(4,569,592 |
) |
(30.0 |
%) |
Trade accounts receivable - Net |
1,337,069 |
|
1,419,022 |
|
1,419,022 |
|
6.1 |
% |
Other current assets |
955,218 |
|
1,196,699 |
|
1,196,699 |
|
25.3 |
% |
Total current assets |
17,512,719 |
|
13,266,561 |
|
(4,246,157 |
) |
(24.2 |
%) |
|
|
|
|
|
Advanced payments to suppliers |
395,746 |
|
879,342 |
|
483,596 |
|
122.2 |
% |
Machinery, equipment and improvements to leased buildings -
Net |
2,077,750 |
|
2,542,454 |
|
464,704 |
|
22.4 |
% |
Improvements to concession assets - Net |
13,453,827 |
|
14,496,214 |
|
1,042,387 |
|
7.7 |
% |
Airport concessions - Net |
11,171,190 |
|
10,386,868 |
|
(784,322 |
) |
(7.0 |
%) |
Rights to use airport facilities - Net |
1,300,151 |
|
1,226,755 |
|
(73,396 |
) |
(5.6 |
%) |
Deferred income taxes - Net |
6,017,493 |
|
6,114,888 |
|
97,395 |
|
1.6 |
% |
Other non-current assets |
256,914 |
|
186,772 |
|
(70,143 |
) |
(27.3 |
%) |
Total assets |
52,185,790 |
|
49,099,854 |
|
(3,085,936 |
) |
(5.9 |
%) |
|
|
|
|
|
Liabilities |
|
|
|
|
Current liabilities |
8,433,190 |
|
4,338,720 |
|
(4,094,470 |
) |
(48.6 |
%) |
Long-term liabilities |
20,592,268 |
|
25,652,501 |
|
5,060,233 |
|
24.6 |
% |
Total liabilities |
29,025,458 |
|
29,991,221 |
|
965,763 |
|
3.3 |
% |
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
Common stock |
6,185,082 |
|
170,381 |
|
(6,014,701 |
) |
(97.2 |
%) |
Legal reserve |
1,592,551 |
|
1,592,551 |
|
- |
|
0.0 |
% |
Net income |
1,608,717 |
|
4,217,345 |
|
2,608,628 |
|
162.2 |
% |
Retained earnings |
9,940,035 |
|
7,927,599 |
|
(2,012,436 |
) |
(20.2 |
%) |
Reserve for share repurchase |
3,283,374 |
|
5,531,293 |
|
2,247,919 |
|
68.5 |
% |
Repurchased shares |
(1,733,374 |
) |
(2,362,339 |
) |
(628,965 |
) |
36.3 |
% |
Foreign currency translation reserve |
1,610,358 |
|
992,017 |
|
(618,341 |
) |
(38.4 |
%) |
Remeasurements of employee benefit – Net |
(14,732 |
) |
1,562 |
|
16,294 |
|
110.6 |
% |
Cash flow hedges- Net |
(461,752 |
) |
(66,867 |
) |
394,885 |
|
85.5 |
% |
Total controlling interest |
22,010,259 |
|
18,003,541 |
|
(4,006,717 |
) |
(18.2 |
%) |
Non-controlling interest |
1,150,073 |
|
1,105,092 |
|
(44,981 |
) |
(3.9 |
%) |
Total stockholder's equity |
23,160,332 |
|
19,108,633 |
|
(4,051,698 |
) |
(17.5 |
%) |
|
|
|
|
|
Total liabilities and stockholders' equity |
52,185,790 |
|
49,099,854 |
|
(3,085,936 |
) |
(5.9 |
%) |
|
|
|
|
|
|
|
|
|
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):
|
3Q20 |
3Q21 |
Change |
9M20 |
9M21 |
Change |
Cash flows from operating activities: |
|
|
|
|
|
|
Consolidated net income |
352,441 |
|
1,779,726 |
|
405.0 |
% |
1,578,295 |
|
4,241,281 |
|
168.7 |
% |
|
|
|
|
|
|
|
Postemployment benefit costs |
13,640 |
|
(3,302 |
) |
(124.2 |
%) |
20,306 |
|
13,368 |
|
(34.2 |
%) |
Allowance expected credit loss |
26,026 |
|
11,570 |
|
(55.5 |
%) |
113,076 |
|
32,641 |
|
(71.1 |
%) |
Depreciation and amortization |
506,982 |
|
518,005 |
|
2.2 |
% |
1,494,213 |
|
1,531,129 |
|
2.5 |
% |
(Gain) loss on sale of machinery, equipment and improvements to
leased assets |
(1,780 |
) |
(2,693 |
) |
51.3 |
% |
(15,979 |
) |
(1,358 |
) |
(91.5 |
%) |
Interest expense |
409,472 |
|
427,527 |
|
4.4 |
% |
1,035,733 |
|
1,228,317 |
|
18.6 |
% |
Provisions |
885 |
|
1,994 |
|
125.3 |
% |
(457 |
) |
(3,683 |
) |
705.9 |
% |
Income tax expense |
(7,432 |
) |
586,599 |
|
7992.9 |
% |
413,839 |
|
1,180,768 |
|
185.3 |
% |
Unrealized exchange loss |
(140,455 |
) |
44,736 |
|
131.9 |
% |
512,265 |
|
(19,103 |
) |
(103.7 |
%) |
Net (gain) loss on derivative financial instruments |
(10,579 |
) |
- |
|
(100.0 |
%) |
48,175 |
|
- |
|
(100.0 |
%) |
|
1,149,199 |
|
3,364,162 |
|
192.7 |
% |
5,199,466 |
|
8,203,361 |
|
57.8 |
% |
Changes in working capital: |
|
|
|
|
|
|
(Increase) decrease in |
|
|
|
|
|
|
Trade accounts receivable |
(300,072 |
) |
133,056 |
|
144.3 |
% |
82,272 |
|
(183,864 |
) |
(323.5 |
%) |
Recoverable tax on assets and other assets |
(167,127 |
) |
(33,545 |
) |
(79.9 |
%) |
(625,184 |
) |
(108,855 |
) |
(82.6 |
%) |
(Decrease) increase |
|
|
|
|
|
|
Concession taxes payable |
16,128 |
|
(3,532 |
) |
(121.9 |
%) |
(360,201 |
) |
57,206 |
|
115.9 |
% |
Accounts payable |
(321,158 |
) |
100,933 |
|
131.4 |
% |
(664,482 |
) |
317,548 |
|
147.8 |
% |
Cash generated by operating activities |
376,970 |
|
3,561,072 |
|
844.7 |
% |
3,631,872 |
|
8,285,395 |
|
128.1 |
% |
Income taxes paid |
(213,213 |
) |
(329,375 |
) |
54.5 |
% |
(842,569 |
) |
(714,474 |
) |
(15.2 |
%) |
Net cash flows provided by operating
activities |
163,757 |
|
3,231,697 |
|
1873.5 |
% |
2,789,303 |
|
7,570,921 |
|
171.4 |
% |
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
Machinery, equipment and improvements to concession assets |
(1,017,214 |
) |
(1,120,965 |
) |
10.2 |
% |
(2,261,509 |
) |
(2,799,980 |
) |
23.8 |
% |
Cash flows from sales of machinery and equipment |
2,993 |
|
42 |
|
(98.6 |
%) |
3,185 |
|
2,988 |
|
(6.2 |
%) |
Other investment activities |
(9,114 |
) |
12,389 |
|
235.9 |
% |
(64,116 |
) |
(11,983 |
) |
(81.3 |
%) |
Net cash used by investment activities |
(1,023,335 |
) |
(1,108,534 |
) |
8.3 |
% |
(2,322,439 |
) |
(2,808,975 |
) |
20.9 |
% |
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
Capital distribution |
- |
|
(4,014,701 |
) |
100.0 |
% |
- |
|
(6,014,701 |
) |
100.0 |
% |
Debt securities |
- |
|
- |
|
0.0 |
% |
7,200,000 |
|
4,500,000 |
|
(37.5 |
%) |
Payment from Debt securities |
- |
|
(1,500,000 |
) |
100.0 |
% |
(2,200,000 |
) |
(1,500,000 |
) |
(31.8 |
%) |
Bank loans |
- |
|
- |
|
0.0 |
% |
- |
|
(5,860,151 |
) |
100.0 |
% |
Repurchase of shares |
- |
|
(1,151,265 |
) |
100.0 |
% |
- |
|
(2,362,339 |
) |
100.0 |
% |
Interest paid |
(379,636 |
) |
(349,100 |
) |
(8.0 |
%) |
(988,052 |
) |
(1,121,336 |
) |
13.5 |
% |
Bank loans |
654,396 |
|
- |
|
(100.0 |
%) |
2,805,660 |
|
3,779,413 |
|
34.7 |
% |
Interest paid on lease |
(626 |
) |
(401 |
) |
(35.9 |
%) |
(2,018 |
) |
(1,340 |
) |
(33.6 |
%) |
Payments of obligations for leasing |
(3,133 |
) |
(2,994 |
) |
(4.4 |
%) |
(9,949 |
) |
(9,039 |
) |
(9.1 |
%) |
Net cash flows used in financing activities |
271,001 |
|
(7,018,461 |
) |
(2689.8 |
%) |
6,805,641 |
|
(8,589,493 |
) |
(226.2 |
%) |
|
|
|
|
|
|
|
Effects of exchange rate changes on cash held |
60,180 |
|
43,150 |
|
(28.3 |
%) |
447,735 |
|
33,839 |
|
(92.4 |
%) |
Net increase in cash and cash equivalents |
(528,397 |
) |
(4,852,148 |
) |
818.3 |
% |
7,720,239 |
|
(3,793,708 |
) |
(149.1 |
%) |
Cash and cash equivalents at beginning of the
period |
15,748,829 |
|
15,502,987 |
|
(1.6 |
%) |
7,500,193 |
|
14,444,549 |
|
92.6 |
% |
Cash and cash equivalents at the end of the
period |
15,220,432 |
|
10,650,840 |
|
(30.0 |
%) |
15,220,432 |
|
10,650,840 |
|
(30.0 |
%) |
|
|
|
|
|
|
|
Exhibit D: Consolidated statements of
profit or loss and other comprehensive income (in
thousands of pesos):
|
3Q20 |
3Q21 |
Change |
9M20 |
9M21 |
Change |
Revenues |
|
|
|
|
|
|
Aeronautical services |
1,526,645 |
|
3,316,240 |
|
117.2 |
% |
5,202,303 |
|
8,412,610 |
|
61.7 |
% |
Non-aeronautical services |
444,126 |
|
1,037,416 |
|
133.6 |
% |
1,797,608 |
|
2,584,554 |
|
43.8 |
% |
Improvements to concession assets (IFRIC 12) |
1,097,300 |
|
939,145 |
|
(14.4 |
%) |
2,522,058 |
|
2,829,371 |
|
12.2 |
% |
Total revenues |
3,068,071 |
|
5,292,801 |
|
72.5 |
% |
9,521,968 |
|
13,826,535 |
|
45.2 |
% |
|
|
|
|
|
|
|
Operating costs |
|
|
|
|
|
|
Costs of services: |
650,245 |
|
759,323 |
|
16.8 |
% |
2,030,357 |
|
2,107,665 |
|
3.8 |
% |
Employee costs |
248,704 |
|
276,236 |
|
11.1 |
% |
735,170 |
|
809,698 |
|
10.1 |
% |
Maintenance |
83,742 |
|
136,477 |
|
63.0 |
% |
295,547 |
|
339,953 |
|
15.0 |
% |
Safety, security & insurance |
108,553 |
|
124,716 |
|
14.9 |
% |
337,958 |
|
373,147 |
|
10.4 |
% |
Utilities |
101,137 |
|
111,739 |
|
10.5 |
% |
272,456 |
|
284,503 |
|
4.4 |
% |
Other operating expenses |
108,109 |
|
110,155 |
|
1.9 |
% |
389,226 |
|
300,364 |
|
(22.8 |
%) |
|
|
|
|
|
|
|
Technical assistance fees |
58,254 |
|
146,706 |
|
151.8 |
% |
199,296 |
|
370,504 |
|
85.9 |
% |
Concession taxes |
176,469 |
|
353,984 |
|
100.6 |
% |
714,896 |
|
871,641 |
|
21.9 |
% |
Depreciation and amortization |
506,982 |
|
518,005 |
|
2.2 |
% |
1,494,213 |
|
1,531,129 |
|
2.5 |
% |
Cost of improvements to concession assets (IFRIC 12) |
1,097,300 |
|
939,145 |
|
(14.4 |
%) |
2,522,058 |
|
2,829,371 |
|
12.2 |
% |
Other (income) |
(7,387 |
) |
(4,735 |
) |
(35.9 |
%) |
1,635 |
|
(5,372 |
) |
(428.5 |
%) |
Total operating costs |
2,481,863 |
|
2,712,428 |
|
9.3 |
% |
6,962,454 |
|
7,704,938 |
|
10.7 |
% |
Income from operations |
586,209 |
|
2,580,373 |
|
340.2 |
% |
2,559,514 |
|
6,121,597 |
|
139.2 |
% |
Financial Result |
(241,200 |
) |
(214,047 |
) |
(11.3 |
%) |
(567,380 |
) |
(699,548 |
) |
23.3 |
% |
Income before income taxes |
345,009 |
|
2,366,325 |
|
585.9 |
% |
1,992,134 |
|
5,422,049 |
|
172.2 |
% |
Income taxes |
7,432 |
|
(586,599 |
) |
7992.9 |
% |
(413,839 |
) |
(1,180,768 |
) |
185.3 |
% |
Net income |
352,441 |
|
1,779,726 |
|
405.0 |
% |
1,578,295 |
|
4,241,281 |
|
168.7 |
% |
Currency translation effect |
(127,539 |
) |
60,978 |
|
(147.8 |
%) |
1,223,592 |
|
(24,246 |
) |
(102.0 |
%) |
Cash flow hedges, net of income tax |
58,447 |
|
164,213 |
|
181.0 |
% |
(289,658 |
) |
404,240 |
|
239.6 |
% |
Remeasurements of employee benefit – net income tax |
(11,633 |
) |
9,777 |
|
184.0 |
% |
(21,338 |
) |
11,614 |
|
154.4 |
% |
Comprehensive income |
271,716 |
|
2,014,694 |
|
641.5 |
% |
2,490,891 |
|
4,632,889 |
|
86.0 |
% |
Non-controlling interest |
55,306 |
|
(45,769 |
) |
(182.8 |
%) |
(108,803 |
) |
(45,120 |
) |
58.5 |
% |
Comprehensive income attributable to controlling
interest |
327,021 |
|
1,968,925 |
|
502.1 |
% |
2,382,088 |
|
4,587,769 |
|
92.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Reseve |
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, 2020 |
6,185,082 |
|
1,592,551 |
3,283,374 |
|
(1,733,374 |
) |
9,940,035 |
|
360,504 |
|
19,628,172 |
|
1,041,271 |
|
20,669,443 |
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
Net income |
- |
|
- |
- |
|
- |
|
1,608,717 |
|
- |
|
1,608,717 |
|
(30,423 |
) |
1,578,296 |
|
Foreign currency translation reserve |
- |
|
- |
- |
|
- |
|
- |
|
1,084,366 |
|
1,084,366 |
|
139,226 |
|
1,223,592 |
|
Remeasurements of employee benefit – Net |
- |
|
- |
- |
|
- |
|
- |
|
(21,338 |
) |
(21,338 |
) |
- |
|
(21,338 |
) |
Reserve for cash flow hedges – Net of income tax |
- |
|
- |
- |
|
- |
|
- |
|
(289,658 |
) |
(289,658 |
) |
- |
|
(289,658 |
) |
Balance as of September 30, 2020 |
6,185,082 |
|
1,592,551 |
3,283,374 |
|
(1,733,374 |
) |
11,548,752 |
|
1,133,875 |
|
22,010,259 |
|
1,150,073 |
|
23,160,332 |
|
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2021 |
6,185,082 |
|
1,592,551 |
3,283,374 |
|
(1,733,374 |
) |
11,908,891 |
|
556,287 |
|
21,792,811 |
|
1,059,972 |
|
22,852,783 |
|
Capital reduction |
(6,014,701 |
) |
- |
- |
|
- |
|
- |
|
- |
|
(6,014,701 |
) |
- |
|
(6,014,701 |
) |
Repurchased shares cancellation |
- |
|
- |
(1,733,374 |
) |
1,733,374 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
Reserve for share repurchase |
- |
|
- |
3,981,292 |
|
- |
|
(3,981,292 |
) |
- |
|
- |
|
- |
|
- |
|
Repurchased share |
- |
|
- |
- |
|
(2,362,339 |
) |
- |
|
- |
|
(2,362,339 |
) |
- |
|
(2,362,339 |
) |
Comprehensive income: |
- |
|
- |
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
Net income |
- |
|
- |
- |
|
- |
|
4,217,345 |
|
- |
|
4,217,345 |
|
23,936 |
|
4,241,282 |
|
Foreign currency translation reserve |
- |
|
- |
- |
|
- |
|
- |
|
(45,430 |
) |
(45,430 |
) |
21,184 |
|
(24,246 |
) |
Remeasurements of employee benefit – Net |
- |
|
- |
- |
|
- |
|
- |
|
11,614 |
|
11,614 |
|
- |
|
11,614 |
|
Reserve for cash flow hedges – Net of income tax |
- |
|
- |
- |
|
- |
|
- |
|
404,240 |
|
404,240 |
|
- |
|
404,240 |
|
Balance as of September 30, 2021 |
170,381 |
|
1,592,551 |
5,531,293 |
|
(2,362,339 |
) |
12,144,944 |
|
926,711 |
|
18,003,541 |
|
1,105,092 |
|
19,108,633 |
|
|
|
|
|
|
|
|
|
|
|
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:
|
3Q20 |
3Q21 |
Change |
9M20 |
9M21 |
Change |
Total passengers |
5,718.9 |
11,729.8 |
105.1 |
% |
19,110.2 |
30,176.6 |
57.9 |
% |
Total cargo volume (in WLUs) |
534.7 |
655.6 |
22.6 |
% |
1,549.6 |
2,012.1 |
29.8 |
% |
Total WLUs |
6,253.6 |
12,385.3 |
98.1 |
% |
20,659.8 |
32,188.8 |
55.8 |
% |
|
|
|
|
|
|
|
Aeronautical & non aeronautical services per passenger
(pesos) |
344.6 |
371.2 |
7.7 |
% |
366.3 |
364.4 |
(0.5 |
%) |
Aeronautical services per WLU (pesos) |
244.1 |
267.8 |
9.7 |
% |
251.8 |
261.4 |
3.8 |
% |
Non aeronautical services per passenger (pesos) |
77.7 |
88.4 |
13.9 |
% |
94.1 |
85.6 |
(8.9 |
%) |
Cost of services per WLU (pesos) |
104.0 |
61.3 |
(41.0 |
%) |
98.3 |
65.5 |
(33.4 |
%) |
|
|
|
|
|
|
|
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):
Airport |
3Q19 |
3Q21 |
Change |
9M19 |
9M21 |
Change |
Guadalajara |
2,671.4 |
2,246.8 |
(15.9 |
%) |
7,765.8 |
5,998.2 |
(22.8 |
%) |
Tijuana * |
1,556.2 |
1,837.2 |
18.1 |
% |
4,451.1 |
5,021.2 |
12.8 |
% |
Los Cabos |
562.2 |
558.0 |
(0.7 |
%) |
1,447.7 |
1,445.4 |
(0.2 |
%) |
Puerto Vallarta |
539.9 |
540.6 |
0.1 |
% |
1,371.2 |
1,294.2 |
(5.6 |
%) |
Guanajuato |
528.0 |
401.8 |
(23.9 |
%) |
1,522.3 |
1,082.7 |
(28.9 |
%) |
Montego Bay |
2.7 |
0.0 |
(100.0 |
%) |
6.9 |
0.0 |
(100.0 |
%) |
Hermosillo |
455.7 |
390.0 |
(14.4 |
%) |
1,315.7 |
1,008.3 |
(23.4 |
%) |
Mexicali |
301.7 |
300.9 |
(0.3 |
%) |
871.1 |
764.1 |
(12.3 |
%) |
Morelia |
116.9 |
138.4 |
18.4 |
% |
342.8 |
394.1 |
15.0 |
% |
La Paz |
274.0 |
237.4 |
(13.4 |
%) |
740.4 |
635.1 |
(14.2 |
%) |
Aguascalientes |
160.4 |
162.3 |
1.2 |
% |
465.6 |
404.7 |
(13.1 |
%) |
Kingston |
0.0 |
0.3 |
N/A |
0.0 |
1.0 |
N/A |
Los Mochis |
95.6 |
89.4 |
(6.5 |
%) |
282.8 |
252.0 |
(10.9 |
%) |
Manzanillo |
21.3 |
20.8 |
(2.1 |
%) |
70.5 |
61.0 |
(13.4 |
%) |
Total |
7,286.1 |
6,924.0 |
(5.0 |
%) |
20,653.8 |
18,362.1 |
(11.1 |
%) |
*CBX users are classified as international
passengers.
International Terminal
Passengers – 14 airports (in
thousands):
Airport |
3Q19 |
3Q21 |
Change |
9M19 |
9M21 |
Change |
Guadalajara |
1,157.8 |
1,098.9 |
(5.1 |
%) |
3,234.5 |
2,643.2 |
(18.3 |
%) |
Tijuana * |
741.9 |
738.5 |
(0.5 |
%) |
2,136.1 |
1,901.1 |
(11.0 |
%) |
Los Cabos |
745.4 |
944.3 |
26.7 |
% |
2,764.7 |
2,462.1 |
(10.9 |
%) |
Puerto Vallarta |
447.6 |
529.7 |
18.4 |
% |
2,418.2 |
1,457.9 |
(39.7 |
%) |
Guanajuato |
183.0 |
198.5 |
8.5 |
% |
528.2 |
447.3 |
(15.3 |
%) |
Montego Bay |
1,099.0 |
799.0 |
(27.3 |
%) |
3,615.3 |
1,760.6 |
(51.3 |
%) |
Hermosillo |
17.2 |
30.7 |
79.2 |
% |
51.7 |
76.6 |
48.2 |
% |
Mexicali |
1.8 |
1.8 |
3.2 |
% |
5.1 |
3.6 |
(28.7 |
%) |
Morelia |
105.8 |
116.1 |
9.7 |
% |
312.9 |
292.9 |
(6.4 |
%) |
La Paz |
2.8 |
5.4 |
96.1 |
% |
9.4 |
13.7 |
45.8 |
% |
Aguascalientes |
65.0 |
63.4 |
(2.5 |
%) |
164.4 |
152.0 |
(7.5 |
%) |
Kingston |
0.0 |
268.0 |
N/A |
0.0 |
566.8 |
N/A |
Los Mochis |
1.9 |
3.1 |
62.2 |
% |
5.4 |
7.1 |
30.7 |
% |
Manzanillo |
8.4 |
8.2 |
(2.7 |
%) |
60.8 |
29.7 |
(51.1 |
%) |
Total |
4,577.5 |
4,805.8 |
5.0 |
% |
15,306.4 |
11,814.5 |
(22.8 |
%) |
*CBX users are classified as international
passengers.
Total Terminal Passengers – 14
airports (in
thousands):
Airport |
3Q19 |
3Q21 |
Change |
9M19 |
9M21 |
Change |
Guadalajara |
3,829.2 |
3,345.7 |
(12.6 |
%) |
11,000.3 |
8,641.5 |
(21.4 |
%) |
Tijuana * |
2,298.1 |
2,575.7 |
12.1 |
% |
6,587.2 |
6,922.3 |
5.1 |
% |
Los Cabos |
1,307.6 |
1,502.3 |
14.9 |
% |
4,212.4 |
3,907.5 |
(7.2 |
%) |
Puerto Vallarta |
987.5 |
1,070.3 |
8.4 |
% |
3,789.4 |
2,752.1 |
(27.4 |
%) |
Guanajuato |
711.1 |
600.3 |
(15.6 |
%) |
2,050.5 |
1,530.0 |
(25.4 |
%) |
Montego Bay |
1,101.8 |
799.0 |
(27.5 |
%) |
3,622.1 |
1,760.6 |
(51.4 |
%) |
Hermosillo |
472.9 |
420.7 |
(11.0 |
%) |
1,367.4 |
1,084.9 |
(20.7 |
%) |
Mexicali |
303.5 |
302.7 |
(0.2 |
%) |
876.2 |
767.8 |
(12.4 |
%) |
Morelia |
222.7 |
254.5 |
14.3 |
% |
655.7 |
687.0 |
4.8 |
% |
La Paz |
276.8 |
242.8 |
(12.3 |
%) |
749.8 |
648.8 |
(13.5 |
%) |
Aguascalientes |
225.4 |
225.7 |
0.2 |
% |
630.0 |
556.7 |
(11.6 |
%) |
Kingston |
0.0 |
268.4 |
N/A |
0.0 |
567.7 |
N/A |
Los Mochis |
97.6 |
92.5 |
(5.1 |
%) |
288.2 |
259.1 |
(10.1 |
%) |
Manzanillo |
29.7 |
29.0 |
(2.3 |
%) |
131.2 |
90.7 |
(30.9 |
%) |
Total |
11,863.7 |
11,729.9 |
(1.1 |
%) |
35,960.2 |
30,176.6 |
(16.1 |
%) |
*CBX users are classified as international
passengers.
CBX Users (in
thousands):
Airport |
3Q19 |
3Q21 |
Change |
9M19 |
9M21 |
Change |
Tijuana |
730.0 |
725.5 |
(0.6 |
%) |
2,100.9 |
1,878.2 |
(10.6 |
%) |
|
|
|
|
|
|
|
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.
Consolidated Results and Other Data
compared with 2019 (in thousands of
pesos):
|
3Q19 |
3Q21 |
Change |
9M19 |
9M21 |
Change |
Revenues |
|
|
|
|
|
|
Aeronautical services |
2,567,517 |
|
3,316,240 |
|
29.2 |
% |
7,776,615 |
|
8,412,610 |
|
8.2 |
% |
Non-aeronautical services |
950,353 |
|
1,037,416 |
|
9.2 |
% |
2,808,953 |
|
2,584,554 |
|
(8.0 |
%) |
Improvements to concession assets (IFRIC 12) |
797,548 |
|
939,145 |
|
17.8 |
% |
1,066,398 |
|
2,829,371 |
|
165.3 |
% |
Total revenues |
4,315,418 |
|
5,292,801 |
|
22.6 |
% |
11,651,966 |
|
13,826,535 |
|
18.7 |
% |
|
|
|
|
|
|
|
Operating costs |
|
|
|
|
|
|
Costs of services: |
670,350 |
|
759,323 |
|
13.3 |
% |
1,971,293 |
|
2,107,665 |
|
6.9 |
% |
Employee costs |
205,622 |
|
276,236 |
|
34.3 |
% |
628,738 |
|
809,698 |
|
28.8 |
% |
Maintenance |
141,467 |
|
136,477 |
|
(3.5 |
%) |
402,269 |
|
339,953 |
|
(15.5 |
%) |
Safety, security & insurance |
105,657 |
|
124,716 |
|
18.0 |
% |
310,100 |
|
373,147 |
|
20.3 |
% |
Utilities |
104,375 |
|
111,739 |
|
7.1 |
% |
269,633 |
|
284,503 |
|
5.5 |
% |
Other operating expenses |
113,229 |
|
110,155 |
|
(2.7 |
%) |
360,553 |
|
300,364 |
|
(16.7 |
%) |
|
|
|
|
|
|
|
Technical assistance fees |
115,795 |
|
146,706 |
|
26.7 |
% |
345,013 |
|
370,504 |
|
7.4 |
% |
Concession taxes |
297,308 |
|
353,984 |
|
19.1 |
% |
915,461 |
|
871,641 |
|
(4.8 |
%) |
Depreciation and amortization |
439,691 |
|
518,005 |
|
17.8 |
% |
1,287,131 |
|
1,531,129 |
|
19.0 |
% |
Cost of improvements to concession assets (IFRIC 12) |
797,548 |
|
939,145 |
|
17.8 |
% |
1,066,398 |
|
2,829,371 |
|
165.3 |
% |
Other (income) expense |
(7,605 |
) |
(4,735 |
) |
(37.7 |
%) |
(16,538 |
) |
(5,372 |
) |
(67.5 |
%) |
Total operating costs |
2,313,087 |
|
2,712,428 |
|
17.3 |
% |
5,568,758 |
|
7,704,938 |
|
38.4 |
% |
Income from operations |
2,002,331 |
|
2,580,373 |
|
28.9 |
% |
6,083,209 |
|
6,121,597 |
|
0.6 |
% |
|
|
|
|
|
|
|
Financial Result |
(168,866 |
) |
(214,046 |
) |
26.8 |
% |
(487,220 |
) |
(699,548 |
) |
43.6 |
% |
Income before taxes |
1,833,465 |
|
2,366,325 |
|
29.1 |
% |
5,595,988 |
|
5,422,049 |
|
-3.1 |
% |
Income taxes |
(470,746 |
) |
(586,599 |
) |
24.6 |
% |
(1,572,146 |
) |
(1,180,768 |
) |
(24.9 |
%) |
Net income |
1,362,719 |
|
1,779,726 |
|
30.6 |
% |
4,023,842 |
|
4,241,281 |
|
5.4 |
% |
Currency translation effect |
93,377 |
|
60,978 |
|
(34.7 |
%) |
(46,362 |
) |
(24,246 |
) |
(47.7 |
%) |
Cash flow hedges, net of income tax |
- |
|
164,213 |
|
100.0 |
% |
- |
|
404,240 |
|
100.0 |
% |
Remeasurements of employee benefit – net income tax |
(147 |
) |
9,777 |
|
(6751.0 |
%) |
(440 |
) |
11,614 |
|
(2739.5 |
%) |
Comprehensive income |
1,455,949 |
|
2,014,694 |
|
38.4 |
% |
3,977,040 |
|
4,632,889 |
|
16.5 |
% |
Non-controlling interest |
(33,307 |
) |
(45,769 |
) |
(37.4 |
%) |
(78,235 |
) |
(45,120 |
) |
42.3 |
% |
Comprehensive income attributable to controlling
interest |
1,422,642 |
|
1,968,925 |
|
38.4 |
% |
3,898,805 |
|
4,587,769 |
|
17.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q19 |
3Q21 |
Change |
9M19 |
9M21 |
Change |
EBITDA |
2,442,022 |
|
3,098,378 |
|
26.9 |
% |
7,370,338 |
|
7,652,727 |
|
3.8 |
% |
Comprehensive income |
1,455,949 |
|
2,014,694 |
|
38.4 |
% |
3,977,039 |
|
4,632,889 |
|
16.5 |
% |
Comprehensive income per share (pesos) |
2.5953 |
|
3.9143 |
|
50.8 |
% |
7.0892 |
|
9.0011 |
|
27.0 |
% |
Comprehensive income per ADS (US dollars) |
1.3511 |
|
1.9036 |
|
40.9 |
% |
3.6906 |
|
4.3775 |
|
36.4 |
% |
|
|
|
|
|
|
|
Operating income margin |
46.4 |
% |
48.8 |
% |
5.1 |
% |
52.2 |
% |
44.3 |
% |
(15.2 |
%) |
Operating income margin (excluding IFRIC 12) |
56.9 |
% |
59.3 |
% |
4.1 |
% |
57.6 |
% |
55.7 |
% |
(3.3 |
%) |
EBITDA margin |
56.6 |
% |
58.5 |
% |
3.4 |
% |
63.3 |
% |
55.3 |
% |
(12.5 |
%) |
EBITDA margin (excluding IFRIC 12) |
69.5 |
% |
71.3 |
% |
2.5 |
% |
69.6 |
% |
69.6 |
% |
(0.1 |
%) |
Costs of services and improvements / total revenues |
34.0 |
% |
32.1 |
% |
(5.7 |
%) |
26.1 |
% |
35.7 |
% |
37.0 |
% |
Cost of services / total revenues (excluding IFRIC 12) |
19.1 |
% |
17.4 |
% |
(8.5 |
%) |
18.6 |
% |
19.2 |
% |
2.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IR
Contacts: |
|
Saúl Villarreal, Chief Financial Officer |
svillarreal@aeropuertosgap.com.mx |
Alejandra Soto, IR and Financial Planning Manager |
asoto@aeropuertosgap.com.mx |
Gisela Murillo, Investor Relations |
gmurillo@aeropuertosgap.com.mx / +52-33-3880-1100 ext.
20294 |
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