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Grupo Aeroportuario Del Pacifico Announces Results for the Third Quarter of 2019

/EIN News/ -- GUADALAJARA, Mexico, Oct. 24, 2019 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) reported its consolidated results for the third quarter ended September 30, 2019. 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 3Q19 vs. 3Q18

  • The sum of aeronautical and non-aeronautical services revenues increased by Ps. 382.6 million, or 12.2%. Total revenues increased by Ps. 783.0 million, or 22.2%.
     
  • Cost of services increased by Ps. 46.3 million, or 7.4%.
     
  • Operating income increased by Ps. 222.8 million, or 12.5%.
     
  • EBITDA increased by Ps. 270.1 million, or 12.4%. EBITDA margin (excluding the effects of IFRIC 12) increased from 69.3% in 3Q18 to 69.5% in 3Q19.
     
  • Comprehensive income increased by Ps. 480.1 million, or 49.2%, mostly due to the currency translation effect.

Operating Results

During 3Q19, total terminal passengers at the Company’s 13 airports increased by 803.3 thousand passengers, or 7.3%, compared to 3Q18. Over the same period, domestic passenger traffic increased by 504.3 thousand passengers, while international passenger traffic increased by 299.0 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.

During 3Q19, the following route opened:

International Routes:

Airline Departure Arrival Opening date Frequencies
Volaris Guadalajara San Salvador August 28, 2019 4 weekly frequencies
 Note: The frequency of flights on these routes is subject to change without prior notice. 


Domestic Terminal Passengers (in thousands):
 
Airport 3Q18 3Q19 Change 9M18 9M19 Change
Guadalajara 2,680.4 2,671.4 (0.3%) 7,626.0 7,765.8 1.8%
Tijuana 1 1,431.9 1,556.2 8.7% 4,134.3 4,451.1 7.7%
Los Cabos 458.9 562.2 22.5% 1,256.8 1,447.7 15.2%
Puerto Vallarta 469.4 539.9 15.0% 1,216.5 1,371.2 12.7%
Montego Bay 2.6 2.7 1.2% 6.7 6.9 1.8%
Guanajuato 429.8 528.0 22.9% 1,187.3 1,522.3 28.2%
Hermosillo 413.5 455.7 10.2% 1,246.5 1,315.7 5.6%
Mexicali 287.2 301.7 5.0% 827.0 871.1 5.3%
La Paz 244.1 274.0 12.3% 678.1 740.4 9.2%
Morelia 81.2 116.9 43.9% 255.1 342.8 34.4%
Aguascalientes 173.1 160.4 (7.3%) 505.8 465.6 (7.9%)
Los Mochis 83.7 95.6 14.2% 249.7 282.8 13.2%
Manzanillo 26.0 21.3 (18.4%) 72.0 70.5 (2.2%)
Total 6,781.8 7,286.1 7.4% 19,261.7 20,653.8 7.2%
1 CBX users are classified as international passengers
             
             
International Terminal Passengers (in thousands):
 
             
Airport 3Q18 3Q19 Change 9M18 9M19 Change
Guadalajara 1,044.3 1,157.8 10.9% 3,025.3 3,234.5 6.9%
Tijuana 1 577.4 741.9 28.5% 1,643.8 2,136.1 29.9%
Los Cabos 763.3 745.4 (2.3%) 2,708.4 2,764.7 2.1%
Puerto Vallarta 467.9 447.6 (4.4%) 2,385.1 2,418.2 1.4%
Montego Bay 1,081.8 1,098.8 1.6% 3,397.2 3,615.2 6.4%
Guanajuato 174.3 183.0 5.0% 518.7 528.2 1.8%
Hermosillo 15.8 17.2 8.7% 51.2 51.7 0.8%
Mexicali 1.4 1.7 23.2% 4.3 5.1 19.2%
La Paz 2.4 2.8 15.5% 8.2 9.4 14.2%
Morelia 90.4 105.8 17.0% 270.8 312.9 15.5%
Aguascalientes 52.0 65.0 25.1% 144.2 164.4 14.0%
Los Mochis 1.7 1.9 13.6% 4.8 5.4 12.5%
Manzanillo 5.6 8.4 51.0% 58.9 60.8 3.1%
Total 4,278.3 4,577.3 7.0% 14,220.9 15,306.4 7.6%
1 CBX users are classified as international passengers
             
             
Total Terminal Passengers (in thousands):
 
Airport 3Q18 3Q19 Change 9M18 9M19 Change
Guadalajara 3,724.7 3,829.2 2.8% 10,651.3 11,000.3 3.3%
Tijuana 1 2,009.3 2,298.1 14.4% 5,778.1 6,587.2 14.0%
Los Cabos 1,222.2 1,307.6 7.0% 3,965.1 4,212.4 6.2%
Puerto Vallarta 937.3 987.5 5.4% 3,601.5 3,789.4 5.2%
Montego Bay 1,084.5 1,101.6 1.6% 3,403.9 3,622.1 6.4%
Guanajuato 604.1 711.1 17.7% 1,706.0 2,050.5 20.2%
Hermosillo 429.3 472.9 10.2% 1,297.7 1,367.4 5.4%
Mexicali 288.7 303.5 5.1% 831.3 876.2 5.4%
La Paz 246.4 276.8 12.3% 686.3 749.8 9.2%
Morelia 171.7 222.7 29.7% 525.9 655.7 24.7%
Aguascalientes 225.1 225.4 0.2% 649.9 630.0 (3.1%)
Los Mochis 85.4 97.6 14.2% 254.5 288.2 13.2%
Manzanillo 31.6 29.7 (6.1%) 131.0 131.2 0.2%
Total 11,060.1 11,863.4 7.3% 33,482.6 35,960.2 7.4%
1 CBX users are classified as international passengers
             
             
CBX Users (in thousands):
 
Airport 3Q18 3Q19 Change 9M18 9M19 Change
Tijuana 559.7 730.0 30.4 1,586.1 2,100.9 32.5%
             

Consolidated Results for the Third Quarter of 2019 (in thousands of pesos):

  3Q18 3Q19 Change
Revenues      
Aeronautical services 2,344,222 2,567,517 9.5%
Non-aeronautical services 791,006 950,353 20.1%
Improvements to concession assets (IFRIC 12) 397,206 797,548 100.8%
Total revenues 3,532,434 4,315,418 22.2%
       
Operating costs      
Costs of services: 624,077 670,350 7.4%
Employee costs 189,846 205,622 8.3%
Maintenance 125,836 141,467 12.4%
Safety, security & insurance 103,147 105,657 2.4%
Utilities 103,952 104,375 0.4%
Other operating expenses 101,296 113,229 11.8%
       
Technical assistance fees 101,116 115,795 14.5%
Concession taxes 265,674 297,308 11.9%
Depreciation and amortization 392,382 439,691 12.1%
Cost of improvements to concession assets (IFRIC 12) 397,206 797,548 100.8%
Other expenses (income) (27,601) (7,605) (72.4%)
Total operating costs 1,752,854 2,313,087 32.0%
Income from operations 1,779,580 2,002,331 12.5%
       
Financial Result (126,259) (168,861) 33.7%
  Share of profit (loss) of associates (88) (5) 94.3%
Income before income taxes 1,653,233 1,833,465 10.9%
Income taxes (328,367) (470,746) 43.4%
Net income 1,324,867 1,362,719 2.9%
Currency translation effect (348,549) 93,377 (126.8%)
Remeasurements of employee benefit – net income tax (508) (147) (71.1%)
Comprehensive income 975,810 1,455,949 49.2%
Non-controlling interest 10,519 (33,307) 416.6%
Comprehensive income attributable to controlling interest 986,329 1,422,642 44.2%



  3Q18 3Q19 Change
EBITDA 2,171,961 2,442,022 12.4%
Comprehensive income 975,810 1,455,949 49.2%
Comprehensive income per share (pesos) 1.7394 2.5953 49.2%
Comprehensive income per ADS (US dollars) 0.9055 1.3511 49.2%
       
Operating income margin 50.4% 46.4% (7.9%)
Operating income margin (excluding IFRIC 12) 56.8% 56.9% 0.3%
EBITDA margin 61.5% 56.6% (8.0%)
EBITDA margin (excluding IFRIC 12) 69.3% 69.5% 0.2%
Costs of services and improvements / total revenues 28.9% 34.0% 17.7%
Cost of services / total revenues (excluding IFRIC 12) 19.9% 19.1% (4.3%)
       
- Net income and comprehensive income per share were 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. 19.7420 per U.S. dollar (the noon buying rate on September 30, 2019, 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. 19.4195 per U.S. dollar for the three months ended September 30, 2019 was used.
 

Revenues (3Q19 vs. 3Q18)

  • Aeronautical services revenues increased by Ps. 223.3 million, or 9.5%
  • Non-aeronautical services revenues increased by Ps. 159.3 million, or 20.1%
  • Revenues from improvements to concession assets increased by Ps. 400.3 million, or 100.8%
  • Total revenues increased by Ps. 783.0 million, or 22.2%

Aeronautical services revenues include:

  1. Revenues from the Mexican airports increased by Ps. 205.5 million, or 10.3%, compared to 3Q18, generated mainly by an increase of Ps. 154.1 million in revenues from passenger charges, as result of the 7.9% growth in total passenger traffic, as well as an increase of revenues from aircraft landing and aircraft parking charges, which jointly increased by Ps. 44.4 million.

  2. Revenues from the Montego Bay airport increased by Ps. 17.8 million, or 5.3%, compared to 3Q18. This was mainly due to a 1.6% increase in passenger traffic and an increase in passenger charges due to inflation, as well as the 2.3% depreciation of the Mexican peso against the U.S. dollar, from an average exchange rate of Ps. 18.9789 in 3Q18 to an average exchange rate of Ps. 19.4195 in 3Q19.             

Non-aeronautical services revenues include:

  1. The Mexican airports contributed an increase of Ps. 146.0 million, or 22.3%, compared to 3Q18, mainly driven by an increase of Ps. 81.8 million in revenues from businesses operated by third parties. This was mainly due to the opening of commercial spaces at the Aguascalientes, Guanajuato, Guadalajara, Hermosillo, Puerto Vallarta and Tijuana airports, as well as the increase in revenues from car rentals and timeshares, which jointly increased by Ps. 72.5 million.

    Revenues from businesses operated directly by the Company increased by Ps. 58.5 million, or 28.6%, mainly due to an increase in car parking revenues, and an increase in revenues from VIP lounges and convenience stores. The latter two categories increased as a result of the openings that took place during 2019.

  2. Revenues from the Montego Bay airport in 3Q19 increased by Ps. 13.3 million, or 9.7%, mainly driven by an increase in revenues from duty-free stores, retail stores, leasing of space, communications and financial services, as well as by the 2.3% depreciation of the Mexican peso against the U.S. dollar during the quarter.
       
  3Q18 3Q19 Change
Businesses operated by third parties:      
Duty-free operations 125,239 128,258 2.4%
Food and beverage operations 84,613 126,440 49.4%
Retail operations 90,080 95,637 6.2%
Car rentals 74,990 96,563 28.8%
Leasing of space 55,393 60,529 9.3%
Time shares operations 48,834 56,749 16.2%
Ground transportation 29,759 33,416 12.3%
Communications and financial services 19,317 23,129 19.7%
Other commercial revenues 10,450 13,362 27.9%
Total 538,675 634,084 17.7%
       
Businesses operated directly by us:      
Car parking 82,952 102,602 23.7%
VIP lounges 54,513 67,014 22.9%
Advertising 40,121 50,171 25.1%
Convenience stores 27,013 43,317 60.4%
Total 204,598 263,104 28.6%
Recovery of costs 47,733 53,165 11.4%
Total Non-aeronautical Revenues 791,006 950,353 20.1%
       
Figures expressed in thousands of Mexican pesos. 
 

Revenues from improvements to concession assets1
Revenues from improvements to concession assets (IFRIC 12) increased by Ps. 400.3 million, or 100.8%, compared to 3Q18, mainly due to an increase in committed investments under the Master Development Program for the Mexican airports for 2019, which resulted in an increase of Ps. 537.5 million, or 229.9%, which was offset by a decrease in revenues from improvements to concession assets at the Montego Bay airport of Ps. 137.2 million, or 83.9%.

Total operating costs increased by Ps. 560.2 million, or 32.0%, compared to 3Q18, mainly due to cost of services comprised of the following:

Operating costs at the Mexican airports increased by Ps. 642.3 million, or 50.3%, compared to 3Q18, mainly due to an increase in the cost of improvements to the concession assets (IFRIC 12) for Ps. 537.5 million, or 229.9%, an increase in the cost of services for Ps. 32.0 million, or 7.5%, higher technical assistance fees and cost of rights over the concession assets of Ps. 32.9 million, or 13.8%, and an increase in depreciation and amortization of Ps. 33.0 million, or 7.7%.

The increase in cost of services was mainly due to:

  • An increase in maintenance expenses of Ps. 12.0 million, or 11.2%, mainly aimed at the airside operational areas, terminal buildings, documented baggage and cleaning services, which jointly increased by Ps. 11.5 million, or 10.5%, due to the addition of square meters at the airports that recently completed their expansions, as well as for improvements in passenger service.
  • An increase in other operating expenses of Ps. 10.4 million, or 12.1%, compared to 3Q18, mainly due to the increase in the reserve for doubtful accounts, cost of sales in the VIP lounges and convenience stores, and professional service fees, which jointly increased by Ps. 9.8 million, or 11.8%.
  • An increase in employee costs of Ps. 12.1 million, or 7.5%, compared to 3Q18, due to salary raises, and an increase in personnel count.

Operating costs at the Montego Bay airport decreased by Ps. 82.1 million, or 17.3%, compared to 3Q18 mainly due to a decrease in improvements to concession assets (IFRIC 12) of Ps. 137.2 million, which was offset by an increase in cost of services of Ps. 7.6 million, or 6.8%, an increase in depreciation and amortization of Ps. 14.2 million or 16.4%, and higher cost of rights over the concession assets of Ps. 14.3 million.

Operating margin for 3Q19 decreased by 380 basis points, from 50.4% in 3Q18 to 46.4% in 3Q19. Excluding the effects of IFRIC 12, operating margin increased by 10 basis points, from 56.8% in 3Q18 to 56.9% in 3Q19. Operating income increased by Ps. 222.8 million, or 12.5%, compared to 3Q18.

EBITDA margin decreased by 490 basis points from 61.5% in 3Q18 to 56.6% in 3Q19. Excluding the effects of IFRIC 12, EBITDA margin increased by 20 basis points from 69.3% in 3Q18 to 69.5% in 3Q19. The nominal value of EBITDA increased by Ps. 270.1 million, or 12.4%, compared to 3Q18.

Financial result increased by Ps. 42.6 million, from a net expense of Ps. 126.3 million in 3Q18 to a net expense of Ps. 168.9 million in 3Q19. This increase was mainly the result of:

  • Foreign exchange rate gain of Ps. 70.3 million in 3Q19, compared to a gain of Ps. 15.6 million in 3Q18, mainly due to an 5.3% appreciation of the Mexican peso against the U.S. dollar in 3Q18, compared to a depreciation of 2.4% in 3Q19, thereby generating an increase in foreign exchange gain of Ps. 54.7 million. The currency translation effect represented a higher gain of Ps. 441.9 million, compared to 3Q18.
     
  • An increase in interest expenses of Ps. 130.7 million compared to 3Q18, mainly due to a higher debt derived from the issuance of long-term bond certificates (Certificados Bursátiles) and bank debt for Ps. 3,476.3 million, an increase in interest rates and a decline in the fair value of hedging instruments.
     
  • An increase in interest income of Ps. 33.4 million, or 26.2%, mainly due to the increase in the Company’s cash position.

Comprehensive income increased by Ps. 480.1 million, or 49.2%, compared to 3Q18.

This increase was mainly the result of a higher exchange rate gain resulting from the foreign exchange conversion effects of Ps. 441.9 million, or 126.8%.

Income before income taxes increased by Ps. 180.2 million, or 10.9% in 3Q19. During 3Q19, income taxes increased by Ps. 142.4 million, or 43.4% compared to 3Q18. This was a result of the higher incurred tax of Ps. 117.9 million and the decline in the benefit from deferred income tax of Ps. 24.4 million, due to lower accumulated inflation that went from 1.5% in 3Q18 to 0.6% in 3Q19.

Consolidated results for the First Nine Months of 2019 (in thousands of pesos):

  9M18 9M19 Change
Revenues      
Aeronautical services 7,036,147 7,776,615 10.5%
Non-aeronautical services 2,332,365 2,808,953 20.4%
Improvements to concession assets (IFRIC 12) 1,014,446 1,066,398 5.1%
Total revenues 10,382,958 11,651,966 12.2%
       
Operating costs      
Costs of services: 1,748,088 1,971,293 12.8%
Employee costs 585,116 628,738 7.5%
Maintenance 342,162 402,269 17.6%
Safety, security & insurance 284,373 310,100 9.0%
Utilities 241,554 269,633 11.6%
Other operating expenses 294,883 360,553 22.3%
       
Technical assistance fees 303,704 345,013 13.6%
Concession taxes 802,076 915,461 14.1%
Depreciation and amortization 1,163,750 1,287,131 10.6%
Cost of improvements to concession assets (IFRIC 12) 1,014,446 1,066,398 5.1%
Other income (32,445) (16,538) (49.0%)
Total operating costs 4,999,618 5,568,758 11.4%
Income from operations 5,383,339 6,083,208 13.0%
       
Financial Result (107,883) (487,208) 351.6%
Share of loss of associates (847) (12) 98.6%
Income before income taxes 5,274,608 5,595,987 6.1%
Income taxes (1,331,243) (1,572,146) 18.1%
Net income 3,943,366 4,023,841 2.0%
Currency translation effect (319,739) (46,362) (85.5%)
  Remeasurements of employee benefit – net income tax 142 (440) (410.4%)
Comprehensive income 3,623,770 3,977,039 9.7%
Non-controlling interest (49,451) (78,235) (58.2%)
Comprehensive income attributable to controlling interest 3,574,318 3,898,804 9.10%
       
       
  9M18 9M19 Change
EBITDA 6,547,089 7,370,337 12.6%
Comprehensive income 3,623,771 3,977,039 9.7%
Comprehensive income per share (pesos) 6.4595 7.0892 9.7%
Comprehensive income per ADS (US dollars) 3.3628 3.6906 9.7%
       
Operating income margin 51.8% 52.2% 0.7%
Operating income margin (excluding IFRIC 12) 57.5% 57.6% 0.2%
EBITDA margin 63.1% 63.3% 0.3%
EBITDA margin (excluding IFRIC 12) 69.9% 69.6% (0.4%)
Costs of services and improvements / total revenues 26.6% 26.1% (2.0%)
Cost of services / total revenues (excluding IFRIC 12) 18.7% 18.6% (0.2%)
       

- Net income and comprehensive income per share were 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. 19.7420 per U.S. dollar (the noon buying rate on September 30, 2019, 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. 19.2548 per U.S. dollar for the nine months ended September 30, 2019 was used.

Revenues (9M19 vs 9M18)

  • Aeronautical services revenues increased by Ps. 740.5 million, or 10.5%.
  • Non-aeronautical services revenues increased by Ps. 476.6 million, or 20.4%.
  • Revenues from improvements to concession assets increased by Ps. 52.0 million, or 5.1%.
  • Total revenues increased by Ps. 1,269.0 million, or 12.2%.

Aeronautical services revenues include:

  1. Revenues from the Mexican airports in 9M19 increased by Ps. 645.9 million, or 10.8%, compared to 9M18, generated primarily by an increase of Ps. 535.1 million in revenues from passenger charges, as result of the 7.5% increase in total passenger traffic, as well as an increase of revenues from aircraft landing, aircraft parking charges and security costs, which jointly increased by Ps. 92.3 million.

  2. Revenues from the Montego Bay airport increased by Ps. 94.6 million, or 8.7%, compared to 9M18. This was primarily due to a 6.4% increase in passenger traffic and the adjustment in passenger charges as a result of inflation and to a 1.1% depreciation of the Mexican peso against the U.S. dollar, from an average exchange rate of Ps. 19.0365 in 9M18 to an average exchange rate of Ps. 19.2548 in 9M19.

Non-aeronautical services revenues include:

  1. The Mexican airports contributed an increase of Ps. 434.2 million, or 22.5%, compared to 9M18, driven mainly by a Ps. 253.6 million increase in revenues from third-party operated businesses. This was mainly due to the expansions of the terminal buildings and contract renegotiations at the Aguascalientes, Guanajuato, Guadalajara, Hermosillo, Puerto Vallarta and Tijuana airports. The main business lines that grew most were food and beverage, car rentals, duty-free stores, retail stores, timeshares and commercial spaces, which jointly increased by Ps. 229.5 million.

    Revenues from businesses operated directly by the Company increased by Ps. 152.4 million or 25.9%, mainly due to an increase in car parking revenues, and an increase in revenues from VIP lounges and convenience stores. The latter two categories increased as a result of the openings that took place during 2019.

  2. Montego Bay airport revenues increased by Ps. 42.5 million, or 10.5% in 9M19, compared to 9M18, mainly due to a 9.5% increase in revenues from duty-free stores, retail stores, leasing of space and food and beverages, as well as to the 1.1% depreciation of the peso versus the U.S. dollar during 9M19.
       
  9M18 9M19 Change
Businesses operated by third parties:      
Duty-free operations 343,685 388,398 13.0%
Food and beverage operations 249,550 361,009 44.7%
Retail operations 259,298 282,403 8.9%
Car rentals 221,193 280,811 27.0%
Leasing of space 167,942 184,703 10.0%
Time shares operations 145,659 164,595 13.0%
Ground transportation 95,302 106,163 11.4%
Communications and financial services 60,162 66,371 10.3%
Other commercial revenues 41,976 46,305 10.3%
Total 1,584,767 1,880,759 18.7%
       
Businesses operated directly by us:      
Car parking 239,566 283,603 18.4%
VIP lounges 155,163 201,532 29.9%
Advertising 124,583 145,039 16.4%
Convenience stores 77,997 119,598 53.3%
Total 597,309 749,772 25.5%
Recovery of costs 150,290 178,422 18.7%
Total Non-aeronautical Revenues 2,332,365 2,808,953 20.4%
       

Revenues from improvements to concession assets2 
Revenues from improvements to concession assets (IFRIC 12) increased by Ps. 52.0 million, or 5.1%, compared to 9M18, mainly due to an increase of Ps. 280.8 million or 40.0% in committed investments under the Master Development Program for the Mexican airports for 2019, compared to 9M18. This result was offset by a decline in revenues from improvements to concession assets at the Montego Bay airport of Ps. 228.9 million, or 73.1%, compared to 9M18.

Total operating costs during 9M19 increased by Ps. 569.1 million, or 11.4%, compared to 9M18, and comprised the following:

Operating Costs at the Mexican airports increased by Ps. 664.9 million, or 17.9%, mainly due to an increase in the cost of improvements to concession assets (IFRIC 12) of Ps. 280.8 million, or 40.0%, an increase in the cost of services of Ps. 203.0 million, or 14.2%, an increase in technical assistance fees and the cost of rights to concession assets of Ps. 94.8 million, or 13.6%, and depreciation and amortization of Ps. 89.4 million, or 9.9%.

The increase in cost of services was explained by:

  • Other operating expenses increased by Ps. 65.4 million or 26.0%, mainly due to an increase of Ps. 55.3 million, or 23.5%, in the reserve for doubtful accounts, cost of sales in VIP lounges and convenience stores and professional service fees.
  • Maintenance costs increased by Ps. 56.4 million, or 19.8%, mainly due to maintenance of operating areas, terminal buildings, cleaning services and documented baggage inspection equipment.
  • Utility costs increased by Ps. 31.4 million, or 18.9%, due to the additional square meters in terminal buildings as a result of the expansions and higher energy prices during 2019.

Operating costs at the Montego Bay airport decreased by Ps. 95.7 million, or 7.4% compared to 9M18, mainly due to a decrease in improvements to concession assets (IFRIC12) of Ps. 228.9 million, which was offset by an increase in the concession assets rights of Ps. 59.9 million, or 14.6%, and depreciation and amortization of Ps. 34.0 million or 12.9%, as well as, cost of services of Ps. 20.2 million, or 6.3%.

Operating margin increased by 40 basis points from 51.8% in 9M18 to 52.2% in 9M19. Operating margin, excluding the effects of IFRIC 12, increased by 10 basis points, from 57.5% to 57.6% in 9M19. Operating income increased by Ps. 699.9 million, or 13.0%, compared to 9M18.

EBITDA margin increased by 20 basis points from 63.1% in 9M18 to 63.3% in 9M19. EBITDA margin, excluding the effects of IFRIC 12, decreased by 30 basis points from 69.9% in 9M18 to 69.6% in 9M19. The nominal value of EBITDA increased by Ps. 823.2 million, or 12.6%, compared to 9M18.

Financial result increased by Ps. 379.3 million, from a net expense of Ps. 107.9 million in 9M18 to a net expense of Ps. 487.2 million in 9M19. This increase was mainly the result of:

  • The foreign exchange gain decreased from a gain of Ps. 210.3 million in 9M18 to a gain of Ps. 128.6 million in 9M19 due to a 4.7% appreciation of the Mexican peso against the U.S. dollar in 9M18 compared to an appreciation of 0.2% in 9M19, which generated a decrease in foreign exchange gain of Ps. 81.7 million. In addition, the effect in foreign currency translation effect resulted in a decrease in net loss of Ps. 273.4 million compared to 9M18.
     
  • Interest expenses increased by Ps. 362.6 million compared to 9M18, mainly due to an increase in debt derived from the issuance of long-term bond certificates (Certificados Bursátiles) of Ps. 3,476.3 million, as well as an increase in interest rates and a decline in the fair value of hedging instruments.
     
  • Interest income increased by Ps. 65.0 million due to the increase in the Company’s cash position during 2019 and higher average interest rates.

Comprehensive income increased by Ps. 353.3 million, or 9.7%, compared to 9M18.

This increase was mainly the result of income before income taxes which increased by Ps. 321.3 million, in addition to the lower exchange loss in 9M19, as a result of the effect in foreign currency translation of Ps. 273.4 million.

Income taxes increased by Ps. 240.9 million, or 18.1%, due to a decline in the benefit from deferred income tax of Ps. 138.2 million and a lower inflation rate, which went from an inflation rate of 2.6% in 9M18 to an inflation of 0.9% in 9M19, as well as the increase in taxes incurred of Ps. 102.7 million.

Statement of Financial Position

Total assets as of September 30, 2019 increased by Ps. 3,224.0 million compared to September 30, 2018, primarily due to the following items: (i) cash and cash equivalents of Ps. 1,977.0 million, (ii) improvements to concession assets of Ps. 907.0 million and (iii) machinery, equipment and improvements to leased buildings of Ps. 682.2 million. This result was offset by a decline in airport concessions of Ps. 192.8 million. 

Total liabilities as of September 30, 2019 increased by Ps. 3,853.4 million compared to the same period of 2018. This increase was primarily due to the following items: (i) an increase in long-term bond certificates (Certificados Bursátiles) of Ps. 3.0 billion, (ii) increase in long-term bank loans of Ps. 476.3 million and (iii) dividends payable of Ps. 210.2 million, among others.

Recent Events

On October 10, 2019 the Company took control and initiated operations of the Norman Manley International Airport (“KIN”), located in the city of Kingston, Jamaica, pursuant to the Concession Contract (“the Contract”) that the Company signed with the Government of Jamaica on October 10, 2018. 

In accordance with the terms of the Contract, the Company made a payment of US$ 7.1 million. During the first 36 months, for approximately US$ 60.0 million. Additionally, the Company will pay the Jamaican Government an annual concession fee of 62% of total aeronautical and commercial revenues. These concepts, as well as operating expenses, are included in the determination of airport charges.

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 3Q18 3Q19 Change 9M18 9M19 Change
Guadalajara            
Aeronautical services 744,448 814,534 9.4% 2,074,473 2,203,676 6.2%
Non-aeronautical services 207,237 253,117 22.1% 574,222 716,234 24.7%
Improvements to concession assets (IFRIC 12) 43,372 676,273 1459.2% 130,116 697,061 435.7%
Total Revenues 995,056 1,743,923 75.3% 2,778,809 3,616,969 30.2%
Operating income 643,351 737,955 14.7% 1,799,138 1,926,173 7.1%
EBITDA 719,971 817,881 13.6% 2,029,843 2,180,140 7.4%
             
Tijuana            
Aeronautical services 345,919 399,091 15.4% 981,288 1,157,327 17.9%
Non-aeronautical services 79,166 121,603 53.6% 232,677 330,557 42.1%
Improvements to concession assets (IFRIC 12) 49,172 5,586 (88.6%) 147,517 16,757 (88.6%)
Total Revenues 474,257 526,280 11.0% 1,361,482 1,504,642 10.5%
Operating income 260,839 328,779 26.0% 765,095 929,142 21.4%
EBITDA 305,872 381,598 24.8% 897,776 1,085,763 20.9%
             
Puerto Vallarta            
Aeronautical services 215,566 227,336 5.5% 814,909 888,290 9.0%
Non-aeronautical services 89,169 101,517 13.8% 302,766 348,785 15.2%
Improvements to concession assets (IFRIC 12) 3,436 2,972 (13.5%) 10,309 8,917 (13.5%)
Total Revenues 308,172 331,825 7.7% 1,127,984 1,245,992 10.5%
Operating income 158,851 185,838 17.0% 715,421 793,177 10.9%
EBITDA 197,079 223,248 13.3% 830,108 909,676 9.6%
             
Los Cabos            
Aeronautical services 295,987 314,164 6.1% 932,151 1,025,123 10.0%
Non-aeronautical services 170,792 191,627 12.2% 516,779 588,060 13.8%
Improvements to concession assets (IFRIC 12) 72,184 61,775 (14.4%) 216,552 185,325 (14.4%)
Total Revenues 538,962 567,566 5.3% 1,665,482 1,798,508 8.0%
Operating income 285,564 306,055 7.2% 952,906 1,045,603 9.7%
EBITDA 341,238 363,829 6.6% 1,115,161 1,219,989 9.4%
             
Montego Bay            
Aeronautical services 339,978 357,739 5.2% 1,081,862 1,176,435 8.7%
Non-aeronautical services 136,476 149,650 9.7% 404,908 447,253 10.5%
Improvements to concession assets (IFRIC 12) 163,415 26,233 (83.9%) 313,072 84,210 (73.1%)
Total Revenues 639,868 533,622 (16.6%) 1,799,842 1,707,898 (5.1%)
Operating income 164,862 140,690 (14.7%) 514,708 518,497 0.7%
EBITDA 252,025 242,119 (3.9%) 778,103 815,893 4.9%
             
             
Exhibit A: Operating results by airport (in thousands of pesos): (continued)
Airport 3Q18 3Q19 Change 9M18 9M19 Change
Guanajuato            
Aeronautical services 128,428 149,323 16.3% 350,679 435,105 24.1%
Non-aeronautical services 38,714 48,300 24.8% 107,425 131,762 22.7%
Improvements to concession assets (IFRIC 12) 13,684 817 (94.0%) 41,053 2,450 (94.0%)
Total Revenues 180,826 198,440 9.7% 499,157 569,317 14.1%
Operating income 109,608 131,831 20.3% 295,851 376,372 27.2%
EBITDA 124,799 148,192 18.7% 340,265 427,798 25.7%
             
Hermosillo            
Aeronautical services 75,853 84,047 10.8% 225,948 245,746 8.8%
Non-aeronautical services 22,756 24,308 6.8% 58,806 70,065 19.1%
Improvements to concession assets (IFRIC 12) 780 832 6.7% 2,339 2,496 6.7%
Total Revenues 99,389 109,187 9.9% 287,094 318,308 10.9%
Operating income 38,923 42,761 9.9% 115,968 128,671 11.0%
EBITDA 57,559 60,542 5.2% 169,471 185,154 9.3%
             
Others (1)            
Aeronautical services 198,043 221,283 11.7% 574,836 644,912 12.2%
Non-aeronautical services 46,696 60,229 29.0% 134,782 176,236 30.8%
Improvements to concession assets (IFRIC 12) 51,163 23,061 (54.9%) 153,488 69,182 (54.9%)
Total Revenues 295,903 304,573 2.9% 863,106 890,330 3.2%
Operating income 70,990 88,039 24.0% 227,362 252,751 11.2%
EBITDA 117,804 136,290 15.7% 367,840 400,198 8.8%
             
Total            
Aeronautical services 2,344,222 2,567,517 9.5% 7,036,147 7,776,615 10.5%
Non-aeronautical services 791,006 950,353 20.1% 2,332,365 2,808,953 20.4%
Improvements to concession assets (IFRIC 12) 397,206 797,548 100.8% 1,014,446 1,066,398 5.1%
Total Revenues 3,532,433 4,315,417 22.2% 10,382,958 11,651,966 12.2%
Operating income 1,732,988 1,961,948 13.2% 5,386,448 5,970,385 10.8%
EBITDA 2,116,346 2,373,697 12.2% 6,528,566 7,224,611 10.7%
(1) Others include the operating results of the Aguascalientes, La Paz, Los Mochis, Manzanillo, Mexicali and Morelia airports.
             

 

Exhibit B: Consolidated statement of financial position as of September 30 (in thousands of pesos): 

  2018 2019 Change %
Assets        
Current assets        
Cash and cash equivalents 7,141,575 9,118,556 1,976,981 27.7%
Trade accounts receivable - net 992,079 1,029,394 37,314 3.8%
Other current assets 349,225 367,929 18,704 5.4%
Total current assets 8,482,879 10,515,879 2,032,999 24.0%
         
Advanced payments to suppliers 229,299 138,115 (91,184) (39.8%)
Machinery, equipment and improvements to leased buildings - net 1,778,306 2,460,484 682,178 38.4%
Improvements to concession assets - net 10,350,063 11,257,021 906,958 8.8%
Airport concessions - net 11,241,270 11,048,433 (192,837) (1.7%)
Rights to use airport facilities - net 1,446,942 1,373,547 (73,395) (5.1%)
Deferred income taxes 5,388,261 5,445,975 57,714 1.1%
Other non-current assets 260,368 161,900 (98,468) (37.8%)
Total assets 39,177,388 42,401,354 3,223,966 8.2%
         
Liabilities        
Current liabilities 3,622,701 6,153,004 2,530,303 69.8%
Long-term liabilities 15,193,667 16,516,766 1,323,099 8.7%
Total liabilities 18,816,368 22,669,770 3,853,403 20.5%
         
Stockholders' Equity        
Common stock 7,777,576 6,185,082 (1,592,494) (20.5%)
Legal reserve 1,345,710 1,592,551 246,841 18.3%
Net income 3,862,459 3,943,311 80,852 2.1%
Retained earnings 4,514,704 4,580,119 65,415 1.4%
Reserve for share repurchase 2,983,374 3,283,374 300,000 10.1%
Repurchased shares (1,733,374) (1,733,374) - 0.0%
Foreign currency translation reserve 588,018 731,552 143,534 24.4%
Remeasurements of employee benefit – Net 8,312 7,569 (743) (8.9%)
Total controlling interest 19,346,779 18,590,184 (756,595) (3.9%)
Non-controlling interest 1,014,242 1,141,400 127,158 12.5%
Total stockholder´s equity 20,361,021 19,731,584 (629,437) (3.1%)
         
Total liabilities and stockholders' equity 39,177,388 42,401,354 3,223,966 8.2%
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):

  3Q18 3Q19 Change 9M18 9M19 Change
Cash flows from operating activities:            
Consolidated net income 1,324,866 1,362,719 2.9% 3,943,366 4,023,841 2.0%
             
Postemployment benefit costs 9,744 2,282 (76.6%) 14,483 9,211 (36.4%)
Bad debt expense 2,672 (920) (134.4%) (3,487) 24,167 (793.0%)
Depreciation and amortization 392,382 439,691 12.1% 1,163,750 1,287,131 10.6%
Lost sale of fixed assets - (879) 100.0% - 1,183 100.0%
Interest expense 217,514 301,661 38.7% 631,821 849,182 34.4%
Loss share of profit of associates 88 5 (94.3%) 847 12 (98.6%)
Long-term provisions 2,160 1,770 (18.1%) 4,860 5,160 6.2%
Income tax expense 328,367 470,746 43.4% 1,331,243 1,572,150 18.1%
Bank loan exchange rate fluctuation (165,539) 108,000 (165.2%) (121,726) 37,536 (130.8%)
Net loss on derivative financial instruments 9,381 83,052 785.3% (26,032) 181,911 (798.8%)
  2,121,634 2,768,127 30.5% 6,939,122 7,991,484 15.2%
             
Changes in working capital:            
(Increase) decrease in            
Trade accounts receivable 70,067 71,449 2.0% 7,796 340,773 4271.2%
Recoverable tax on assets and other assets 30,651 (9,860) (132.2%) 33,487 (112,028) (434.5%)
Increase (decrease) in            
Concession taxes payable 21,886 14,364 (34.4%) (88,282) (135,755) 53.8%
Accounts payable 147,284 105,274 (28.5%) 161,291 (44,023) (127.3%)
Cash generated by operating activities 2,391,522 2,949,354 23.3% 7,053,413 8,040,451 14.0%
Income taxes paid (514,939) (560,749) 8.9% (1,672,183) (1,627,565) (2.7%)
Net cash flows provided by operating activities 1,876,583 2,388,605 27.3% 5,381,232 6,412,887 19.2%
             
Cash flows from investing activities:            
Machinery, equipment and improvements to concession assets (532,213) (932,010) 75.1% (1,693,650) (1,776,637) 4.9%
Cash flows from sales of machinery and equipment 23 1,051 4469.6% 448 1,759 292.2%
Other deferred assets (9,832) 27,369 (378.4%) (8,435) 1,795 (121.3%)
Other investing activities - (9,586) 100.0% - - 0.0%
Net cash used by investment activities (542,022) (913,176) 68.5% (1,701,637) (1,773,083) 4.2%
             
Cash flows from financing activities:            
Dividends declared and paid (2,002,443) (2,212,673) 10.5% (2,002,443) (2,212,673) 10.5%
Dividends declared and paid non-controlling interest (145,438) - (100.0%) (271,841) - (100.0%)
Capital distribution - - 0.0% (1,250,870) (1,592,494) 27.3%
Debt securities - - 0.0% - 3,000,000 100.0%
Proceeds from bank loans 281,596 - (100.0%) 338,792 96,274 (71.6%)
Payments on bank loans (173,551) - (100.0%) (249,484) - (100.0%)
Interest paid (315,966) (377,153) 19.4% (725,454) (923,448) 27.3%
Interest paid on lease - (898) 100.0% - (2,885) 100.0%
Payments of obligations for leasing - (3,649) 100.0% - (12,042) 100.0%
Net cash flows used in financing activities (2,355,802) (2,594,373) 10.1% (4,161,299) (1,647,268) (60.4%)
             
Effects of exchange rate changes on cash held (117,255) 13,099 (111.2%) (106,862) (25,436) (76.2%)
Net increase in cash and cash equivalents (1,138,496) (1,105,845) (2.9%) (588,567) 2,967,100 (604.1%)
Cash and cash equivalents at beginning of year 8,280,070 10,224,400 23.5% 7,730,142 6,151,457 (20.4%)
Cash and cash equivalents at the end of year 7,141,575 9,118,556 27.7% 7,141,575 9,118,556 27.7%
             

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

  3Q18 3Q19 Change 9M18 9M19 Change
Revenues            
Aeronautical services 2,344,222 2,567,517 9.5% 7,036,147 7,776,615 10.5%
Non-aeronautical services 791,006 950,353 20.1% 2,332,365 2,808,953 20.4%
Improvements to concession assets (IFRIC 12) 397,206 797,548 100.8% 1,014,446 1,066,398 5.1%
Total revenues 3,532,434 4,315,418 22.2% 10,382,958 11,651,966 12.2%
             
Operating costs            
Costs of services: 624,077 670,350 7.4% 1,748,088 1,971,293 12.8%
Employee costs 189,846 205,622 8.3% 585,116 628,738 7.5%
Maintenance 125,836 141,467 12.4% 342,162 402,269 17.6%
Safety, security & insurance 103,147 105,657 2.4% 284,373 310,100 9.0%
Utilities 103,952 104,375 0.4% 241,554 269,633 11.6%
Other operating expenses 101,296 113,229 11.8% 294,883 360,553 22.3%
             
Technical assistance fees 101,116 115,795 14.5% 303,704 345,013 13.6%
Concession taxes 265,674 297,308 11.9% 802,076 915,461 14.1%
Depreciation and amortization 392,382 439,691 12.1% 1,163,750 1,287,131 10.6%
Cost of improvements to concession assets (IFRIC 12) 397,206 797,548 100.8% 1,014,446 1,066,398 5.1%
Other income (27,601) (7,605) (72.4%) (32,445) (16,538) (49.0%)
Total operating costs 1,752,854 2,313,087 32.0% 4,999,618 5,568,758 11.4%
Income from operations 1,779,580 2,002,331 12.5% 5,383,339 6,083,208 13.0%
             
Financial Result (126,259) (168,861) 33.7% (107,883) (487,208) 351.6%
Share of loss of associates (88) (5) 94.3% (847) (12) 98.6%
Income before income taxes 1,653,233 1,833,465 10.9% 5,274,608 5,595,987 6.1%
Income taxes (328,367) (470,746) 43.4% (1,331,243) (1,572,146) 18.1%
Net income 1,324,867 1,362,719 2.9% 3,943,366 4,023,841 2.0%
Currency translation effect (348,549) 93,377 (126.8%) (319,739) (46,362) (85.5%)
Remeasurements of employee benefit – net income tax (508) (147) (71.1%) 142 (440) (410.4%)
Comprehensive income 975,810 1,455,949 49.2% 3,623,770 3,977,039 9.7%
Non-controlling interest 10,519 (33,307) 416.6% (49,451) (78,235) (58.2%)
Comprehensive income attributable to controlling interest 986,329 1,422,642 44.2% 3,574,318 3,898,804 9.1%
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, 2018 9,028,446 1,119,029 2,728,374 (1,733,374) 9,001,269 884,471 21,028,215 1,048,554 22,076,769
Transfer of earnings - 226,681 - - (226,681) - - - -
Dividends declared - - - - (4,004,886) - (4,004,886) - (4,004,886)
Reserve for repurchase of share - - 255,000 - (255,000) - - - -
Capital distribution (1,250,870) - - - - - (1,250,870) - (1,250,870)
Dividends paid non-controlling interest - - - - - - - (83,764) (83,764)
Comprehensive income:                  
Net income - - - - 3,862,459 - 3,862,459 80,909 3,943,368
Foreign currency translation reserve - - - - - (288,281) (288,281) (31,458) (319,739)
Remeasurements of employee benefit – Net - - - - - 143 143 - 143
Balance as of September 30, 2018 7,777,576 1,345,710 2,983,374 (1,733,374) 8,377,163 596,331 19,346,779 1,014,242 20,361,021
                   
Balance as of January 1, 2019 7,777,576 1,345,710 2,983,374 (1,733,374) 9,552,071 783,629 20,708,985 1,063,165 21,772,150
Transfer of earnings - 246,840 - - (246,840) - - - -
Dividends declared - - - - (4,425,111) - (4,425,111) - (4,425,111)
Reserve for repurchase of share - - 300,000 - (300,000) - - - -
Capital distribution (1,592,494) - - - - - (1,592,494) - (1,592,494)
Comprehensive income:                  
Net income - - - - 3,943,311 - 3,943,311 80,530 4,023,841
Foreign currency translation reserve - - - - - (44,067) (44,067) (2,295) (46,362)
Remeasurements of employee benefit – Net - - - - - (440) (440) - (440)
Balance as of September 30, 2019 6,185,082 1,592,550 3,283,374 (1,733,374) 8,523,431 739,122 18,590,185 1,141,400 19,731,584
                   

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:

  3Q18 3Q19 Change 9M18 9M19 Change
Total passengers 11,060.1 11,863.4 7.3% 33,482.6 35,960.2 7.4%
Total cargo volume (in WLUs) 520.2 532.2 2.3% 1,600.0 1,612.0 0.8%
Total WLUs 11,580.3 12,395.6 7.0% 35,082.6 37,572.2 7.1%
             
Aeronautical & non aeronautical services per passenger (pesos) 283.5 296.5 4.6% 279.8 294.4 5.2%
Aeronautical services per WLU (pesos) 202.4 207.1 2.3% 200.6 207.0 3.2%
Non aeronautical services per passenger (pesos) 71.5 80.1 12.0% 69.7 78.1 12.1%
Cost of services per WLU (pesos) 53.9 54.1 0.4% 49.8 52.5 5.3%
WLU = Workload units represent passenger traffic plus cargo units (1 cargo unit = 100 kilograms of cargo).


IR Contacts:              
Saúl Villarreal, Chief Financial and Administrative Officer             svillarreal@aeropuertosgap.com.mx
Alejandra Soto, IR and Financial Planning Manager             asoto@aeropuertosgap.com.mx
Gisela Murillo, Investor Relations             gmurillo@aeropuertosgap.com.mx / +523338801100 ext.20294
Maria Barona, i-advize Corporate Communications             mbarona@i-advize.com

_____________________________

[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.

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