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Grupo Aeroportuario Del Pacifico announces Approval of Master Development Programs and Passenger Tariffs for Its Airports for 2020-2024 Period

/EIN News/ -- GUADALAJARA, Mexico, Dec. 12, 2019 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacifico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) announced that it has received approvals for its Master Development Programs and Passenger Tariffs for its airports in Mexico and Jamaica. The approvals were granted by the Ministry of Communications and Transportation (Secretaría de Comunicaciones y Transportes) in Mexico, as well as the Jamaica Civil Aviation Authority (JCAA), respectively, for the 2020-2024 period.

In Mexico, the maximum tariffs per work load unit for each airport were determined by the Federal Civil Aviation Agency (Agencia Federal de Aviación Civil “AFAC”), based on projections for traffic, operating costs and capital investments included in the Master Development Program, in accordance with the parameters established in the concession agreements.

The applicable maximum tariffs per work load unit for each airport were the following:

TARIFAS          
Airport 2020 2021 2022 2023 2024
Guadalajara 196.00 194.63 193.27 191.92 190.58
Tijuana 161.17 160.04 158.92 157.81 156.71
Los Cabos 284.25 282.26 280.28 278.32 276.37
Puerto Vallarta 279.61 277.65 275.71 273.78 271.86
Guanajuato 220.80 219.25 217.72 216.20 214.69
Hermosillo 169.11 167.93 166.75 165.58 164.42
Mexicali 161.62 160.49 159.37 158.25 157.14
La Paz 186.05 184.75 183.46 182.18 180.90
Morelia 258.64 256.83 255.03 253.24 251.47
Aguascalientes 174.90 173.68 172.46 171.25 170.05
Los Mochis 192.07 190.73 189.39 188.06 186.74
Manzanillo 231.12 229.50 227.89 226.29 224.71


The tariffs were adjusted by an annual efficiency factor of 0.7% and are expressed in Mexican pesos as of December 31, 2017, as such they will be updated per the National Producer Price Index (NPPI), excluding petroleum.

Committed investments, in accordance with the Master Development Programs approved by the authorities, are expressed in thousands of pesos with acquisition power as of December 31, 2017. As such, these will be updated per the National Producer Price Index (NPPI), construction sector, upon execution:

Airport 2020 2021 2022 2023 2024 TOTAL
Guadalajara 2,309,223 2,083,147 2,627,989 2,125,263 779,138 9,924,760
Tijuana 1,043,430 1,016,012 943,917 108,652 42,104 3,154,115
Los Cabos 991,503 781,576 519,091 127,043 63,723 2,482,938
Puerto Vallarta 1,200,632 1,294,890 761,673 98,598 35,586 3,391,378
Guanajuato 275,191 157,485 63,683 25,391 24,810 546,560
Hermosillo 137,061 142,313 69,659 37,426 32,587 419,046
Mexicali 110,693 76,465 104,186 30,923 16,727 338,994
La Paz 171,756 98,199 66,582 28,591 9,135 374,263
Morelia 128,757 98,011 27,673 20,231 8,468 283,140
Aguascalientes 136,289 104,915 97,645 19,090 21,469 379,407
Los Mochis 112,637 68,768 25,846 10,555 9,295 227,101
Manzanillo 122,220 73,522 88,242 18,261 7,757 310,003
TOTAL 6,739,392 5,995,303 5,396,186 2,650,026 1,050,798 21,831,704


The investment amounts are updated as of November 30, 2019, per the National Producer Price Index, construction sector, as outlined in the following table:

Airport 2020 2021 2022 2023 2024 TOTAL
Guadalajara 2,550,804 2,301,078 2,902,919 2,347,600 860,648 10,963,049
Tijuana 1,152,590 1,122,303 1,042,666 120,018 46,509 3,484,086
Los Cabos 1,095,230 863,342 573,397 140,334 70,390 2,742,693
Puerto Vallarta 1,326,237 1,430,356 841,356 108,913 39,308 3,746,171
Guanajuato 303,980 173,961 70,345 28,048 27,405 603,739
Hermosillo 151,400 157,201 76,946 41,341 35,996 462,885
Mexicali 122,274 84,465 115,085 34,158 18,477 374,459
La Paz 189,725 108,472 73,548 31,582 10,091 413,417
Morelia 142,227 108,264 30,568 22,347 9,354 312,760
Aguascalientes 150,547 115,891 107,860 21,087 23,714 419,099
Los Mochis 124,420 75,962 28,550 11,660 10,268 250,859
Manzanillo 135,006 81,214 97,473 20,172 8,569 342,434
TOTAL 7,444,440 6,622,508 5,960,713 2,927,261 1,160,728 24,115,650


In Jamaica, the maximum tariffs per passenger were determined by the Jamaica Civil Aviation Authority, based on projections for traffic, operating costs, the regulated assets base and committed investments as included in the Master Investment Program. Maximum tariffs are expressed in U.S. dollars and will be applicable to the corresponding year, per the following table:

Airport 2020 2021 2022 2023 2024
Montego Bay 15.71 15.89 16.09 16.28 16.47
Kingston 22.47 24.06 25.72 27.51 29.41

Investments approved by the authorities and committed in the Master Investment Program are expressed in millions of U.S. dollars and are as follows:

Airport 2020 2021 2022 2023 2024 TOTAL
Montego Bay 41.9 34.0 21.9 13.0 0.9 111.7
Kingston 16.2 28.9 34.9 8.9 12.5 101.4
TOTAL 58.1 62.9 56.8 21.9 13.4 213.1


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 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.


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

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