Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (NYSE: PAC; BMV: GAP) (“the Company” or “GAP”) reports its consolidated results for the second quarter ended June 30, 2023 (2Q23). Figures are unaudited and prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

Summary of Results 2Q23 vs. 2Q22

  • The sum of aeronautical and non-aeronautical services revenues increased by Ps. 855.6 million, or 15.2%. Total revenues increased by Ps. 1,749.6 million, or 26.5%.
  • Cost of services increased by Ps. 134.1 million, or 14.9%.
  • Income from operations increased by Ps. 437.0 million, or 12.4%.
  • EBITDA increased by Ps. 495.1 million, or 12.1%, an increase from Ps. 4,081.7 million in 2Q22 to Ps. 4,576.8 million in 2Q23. EBITDA margin (excluding the effects of IFRIC-12) went from 72.4% in 2Q22 to 70.4% in 2Q23.
  • Comprehensive income decreased by Ps. 197.1 million, or 8.8%, from an income of Ps. 2,249.2 million in 2Q22 to an income of Ps. 2,052.0 million in 2Q23.

Company’s Financial Position:2Q23 results were positive compared to 2Q22, with an increase in aeronautical and non-aeronautical revenues, despite the 11.6% appreciation of the peso versus the U.S. dollar in the quarter, generating positive net cash flow from operating activities, which amounted to Ps. 2,516.1 million. The Company reported a financial position of cash and cash equivalents as of June 30, 2023, of Ps. 14,920.9 million. During 2Q23, the Company paid the first installment of the dividend approved at the Annual General Shareholders' Meeting held on April 13, 2023 for Ps. 1,874.6 million. It also made the payment of the bond certificate "GAP 20-2" for Ps. 602.0 million.

Passenger Traffic

During 2Q23, total passengers at the Company’s 14 airports increased by 1,792.4 thousand passengers, an increase of 12.7%, compared to 2Q22.

During 2Q23, the following new routes were opened:

Domestic:        
Airline Departure Arrival Opening date Frequencies
Viva Aerobus Los Cabos Toluca May 18,2023 1 daily
Volaris Guadalajara Puerto Vallarta June 01, 2023 1 daily
Volaris Puerto Vallarta Guadalajara June 01, 2023 1 daily
Viva Aerobus Mexicali Monterrey June 01, 2023 1 daily
Note: Frequencies can vary without prior notice.     
         
International        
Airline Departure Arrival Opening date Frequencies
Spirit Los Cabos Dallas Fort-Worth May 5, 2023 3 weekly
Spirit Los Cabos Houston May 7, 2023 3 weekly
Frontier Montego Bay Dallas Fort-Worth May 22, 2023 3 weekly
JetBlue Puerto Vallarta Los Angeles June 27, 2023 1 daily
Note: Frequencies can vary without prior notice.

Domestic Terminal Passengers – 14 airports (in thousands):     
Airport 2Q22 2Q23 Change 6M22 6M23 Change  
Guadalajara 2,673.7 3,174.4 18.7 % 5,034.1 6,133.2 21.8 %  
Tijuana * 2,001.0 2,236.9 11.8 % 3,821.9 4,303.3 12.6 %  
Los Cabos 631.5 741.1 17.3 % 1,144.4 1,411.7 23.4 %  
Puerto Vallarta 691.9 758.0 9.6 % 1,190.7 1,397.6 17.4 %  
Montego Bay 0.0 0.0 0.0 % 0.0 0.0 0.0 %  
Guanajuato 426.9 559.3 31.0 % 809.2 1,066.6 31.8 %  
Hermosillo 481.3 521.6 8.4 % 864.5 995.6 15.2 %  
Kingston 0.3 0.4 38.5 % 0.5 0.6 27.4 %  
Mexicali 300.7 380.6 26.6 % 590.8 727.2 23.1 %  
Morelia 165.9 201.2 21.3 % 313.5 388.0 23.8 %  
La Paz 274.5 284.0 3.5 % 512.7 510.6 (0.4 %)  
Aguascalientes 195.6 156.4 (20.0 %) 353.5 307.0 (13.2 %)  
Los Mochis 107.9 118.8 10.0 % 204.0 213.1 4.4 %  
Manzanillo 24.5 25.7 4.9 % 48.5 52.8 8.8 %  
Total 7,975.7 9,158.3 14.8 % 14,888.3 17,507.3 17.6 %  
*Cross Border Xpress (CBX) users are classified as international passengers.   
               
               
International Terminal Passengers – 14 airports (in thousands):          
Airport 2Q22 2Q23 Change 6M22 6M23 Change  
Guadalajara 1,097.7 1,290.6 17.6 % 2,067.6 2,506.7 21.2 %  
Tijuana * 1,026.6 1,113.0 8.4 % 1,949.8 2,160.6 10.8 %  
Los Cabos 1,184.6 1,222.3 3.2 % 2,309.4 2,603.5 12.7 %  
Puerto Vallarta 873.8 886.7 1.5 % 1,934.8 2,264.8 17.1 %  
Montego Bay 1,160.9 1,305.9 12.5 % 2,089.0 2,656.8 27.2 %  
Guanajuato 181.7 210.7 16.0 % 357.2 418.1 17.1 %  
Hermosillo 19.9 17.6 (11.1 %) 38.5 36.7 (4.5 %)  
Kingston 362.3 435.4 20.2 % 630.6 829.5 31.5 %  
Mexicali 1.7 2.0 15.0 % 2.9 3.5 20.7 %  
Morelia 117.2 143.3 22.3 % 233.5 294.9 26.3 %  
La Paz 6.3 4.0 (36.1 %) 13.8 7.7 (44.0 %)  
Aguascalientes 57.9 72.6 25.5 % 105.0 132.8 26.5 %  
Los Mochis 2.0 1.7 (12.0 %) 3.7 3.5 (5.8 %)  
Manzanillo 15.5 11.9 (23.6 %) 41.2 42.7 3.6 %  
Total 6,108.1 6,717.8 10.0 % 11,777.0 13,961.9 18.6 %  
*CBX users are classified as international passengers.   
               
               
Total Terminal Passengers – 14 airports (in thousands):      
Airport 2Q22 2Q23 Change 6M22 6M23 Change  
Guadalajara 3,771.4 4,465.0 18.4 % 7,101.7 8,639.9 21.7 %  
Tijuana * 3,027.6 3,349.9 10.6 % 5,771.7 6,463.9 12.0 %  
Los Cabos 1,816.1 1,963.4 8.1 % 3,453.7 4,015.2 16.3 %  
Puerto Vallarta 1,565.7 1,644.7 5.0 % 3,125.5 3,662.4 17.2 %  
Montego Bay 1,160.9 1,305.9 12.5 % 2,089.0 2,656.8 27.2 %  
Guanajuato 608.5 770.1 26.5 % 1,166.4 1,484.7 27.3 %  
Hermosillo 501.2 539.2 7.6 % 903.0 1,032.3 14.3 %  
Kingston 362.6 435.8 20.2 % 631.0 830.1 31.5 %  
Mexicali 302.4 382.6 26.5 % 593.7 730.7 23.1 %  
Morelia 283.2 344.6 21.7 % 547.1 682.9 24.8 %  
La Paz 280.8 288.0 2.6 % 526.5 518.3 (1.6 %)  
Aguascalientes 253.4 229.0 (9.6 %) 458.5 439.8 (4.1 %)  
Los Mochis 109.9 120.5 9.6 % 207.7 216.6 4.3 %  
Manzanillo 40.1 37.6 (6.2 %) 89.7 95.4 6.4 %  
Total 14,083.7 15,876.1 12.7 % 26,665.3 31,469.1 18.0 %  
*CBX users are classified as international passengers.  
               
               
CBX Users (in thousands):              
Airport 2Q22 2Q23 Change 6M22 6M23 Change  
Tijuana 1,017.2 1,103.3 8.5 % 1,934.6 2,142.7 10.8 %  
               

Consolidated Results for the Second Quarter of 2023 (in thousands of pesos):

             
    2Q22 2Q23 Change  
  Revenues        
  Aeronautical services 4,322,965   4,939,681   14.3 %  
  Non-aeronautical services 1,318,125   1,556,984   18.1 %  
  Improvements to concession assets (IFRIC-12) 968,994   1,862,976   92.3 %  
  Total revenues 6,610,084   8,359,641   26.5 %  
           
  Operating costs        
  Costs of services: 900,467   1,034,528   14.9 %  
  Employee costs 350,755   435,239   24.1 %  
  Maintenance 161,217   161,331   0.1 %  
  Safety, security & insurance 136,643   155,476   13.8 %  
  Utilities 119,569   118,412   (1.0 %)  
  Other operating expenses 132,283   164,070   24.0 %  
           
  Technical assistance fees 190,226   220,479   15.9 %  
  Concession taxes 473,457   657,228   38.8 %  
  Depreciation and amortization 563,114   621,155   10.3 %  
  Cost of improvements to concession assets (IFRIC-12) 968,994   1,862,976   92.3 %  
  Other (income) (4,761 ) 7,652   (260.7 %)  
  Total operating costs 3,091,497   4,404,018   42.5 %  
  Income from operations 3,518,587   3,955,623   12.4 %  
  Financial Result (288,117 ) (508,135 ) 76.4 %  
  Income before income taxes 3,230,470   3,447,488   6.7 %  
  Income taxes (865,835 ) (959,062 ) 10.8 %  
  Net income 2,364,635   2,488,426   5.2 %  
  Currency translation effect (161,220 ) (381,807 ) 136.8 %  
   Cash flow hedges, net of income tax 45,635   (54,924 ) (220.4 %)  
  Remeasurements of employee benefit – net income tax 103   318   208.7 %  
  Comprehensive income 2,249,153   2,052,013   (8.8 %)  
  Non-controlling interest (51,631 ) (4,355 ) (91.6 %)  
  Comprehensive income attributable to controlling interest 2,197,522   2,047,657   (6.8 %)  
           
           
    2Q22 2Q23 Change  
  EBITDA 4,081,701   4,576,778   12.1 %  
  Comprehensive income 2,249,153   2,052,013   (8.8 %)  
  Comprehensive income per share (pesos) 4.4230   4.0612   (8.2 %)  
  Comprehensive income per ADS (US dollars) 2.5799   2.3689   (8.2 %)  
           
  Operating income margin 53.2 % 47.3 % (11.1 %)  
  Operating income margin (excluding IFRIC-12) 62.4 % 60.9 % (2.4 %)  
  EBITDA margin 61.7 % 54.7 % (11.3 %)  
  EBITDA margin (excluding IFRIC-12) 72.4 % 70.4 % (2.6 %)  
  Costs of services and improvements / total revenues 28.3 % 34.7 % 22.6 %  
  Cost of services / total revenues (excluding IFRIC-12) 16.0 % 15.9 % (0.2 %)  
           
           

- Net income and comprehensive income per share for 2Q23 were calculated based on 505,277,464 shares outstanding as of June 30, 2023 and for 2Q22 were calculated based on 508,510,018 shares outstanding as of June 30, 2022. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 17.1439 per U.S. dollar (the noon buying rate on June 30, 2023, as published by the U.S. Federal Reserve Board). - For purposes of the consolidation of our Jamaican airports, the average three-month exchange rate of Ps. 17.7225 per U.S. dollar for the three months ended June 30, 2023 was used.        

Revenues (2Q23 vs. 2Q22)

  • Aeronautical services revenues increased by Ps. 616.7 million, or 14.3%.
  • Non-aeronautical services revenues increased by Ps. 238.9 million, or 18.1%.
  • Revenues from improvements to concession assets increased by Ps. 894.0 million, or 92.3%.
  • Total revenues increased by Ps. 1,749.6 million, or 26.5%.
  • The change in aeronautical services revenues was primarily due to the following factors:
    1. Revenues at our Mexican airports increased by Ps. 588.7 million, or 16.1%, compared to 2Q22, mainly due to the 12.5% increase in passenger traffic and the 99.0% compliance with the maximum tariffs.
    2. Revenues from Jamaican airports increased by Ps. 28.0 million, or 4.2%, compared to 2Q22. This was mainly due to the 14.3% increase in passenger traffic. During 2Q23, there was an 11.6% appreciation of the peso versus the U.S. dollar, compared to 2Q22, which went from an average exchange rate of Ps. 20.0414 in 2Q22 to Ps. 17.7225 in 2Q23, which represented a decrease in revenues in pesos.
  • The change in non-aeronautical services revenues was primarily driven by the following factors:
    1. Revenues at our Mexican airports increased by Ps. 215.3 million, or 19.8%, compared to 2Q22. Revenues from businesses operated by third parties increased by Ps. 103.2 million, or 14.3%, mainly due to the passenger traffic recovery, the opening of new commercial spaces, and the renegotiation of contract conditions. The business lines that grew the most were food and beverage, retail, car rentals, leasing of space, ground transportation, and duty-free stores, all of which increased by Ps. 97.2 million, or 16.0%. Revenues from businesses operated directly by us increased by Ps. 111.0 million, or 34.3%.
    2. Revenues from the Jamaican airports increased by Ps. 23.5 million, or 10.2%, compared to 2Q22. The business lines that grew the most were duty-free stores, leasing of space, retail, food and beverage, and financial services, all of which increased by Ps. 20.9 million, or 11.9%. Revenues in U.S. dollars increased by US$ 2.8 million, or 24.6%, offset by an appreciation of the peso by 11.6% against the dollar compared to 2Q22.
  2Q22 2Q23 Change  
Businesses operated by third parties:        
Food and beverage 204,591 260,242 27.2 %  
Duty-free 179,811 195,434 8.7 %  
Retail 162,207 184,636 13.8 %  
Car rentals 132,392 139,456 5.3 %  
Leasing of space 77,943 88,315 13.3 %  
Time shares 58,189 59,020 1.4 %  
Ground transportation 42,791 47,684 11.4 %  
Communications and financial services 25,473 29,893 17.4 %  
Other commercial revenues 47,831 43,951 (8.1 %)  
Total 931,227 1,048,631 12.6 %  
         
Businesses operated directly by us:        
Car parking 136,589 174,304 27.6 %  
VIP lounges 94,632 107,932 14.1 %  
Convenience stores 77,973 133,534 71.3 %  
Advertising 21,927 37,490 71.0 %  
Total 331,120 453,261 36.9 %  
Recovery of costs 55,778 55,090 (1.2 %)  
Total Non-aeronautical Revenues 1,318,125 1,556,984 18.1 %  
         

Figures expressed in thousands of Mexican pesos.

  • Revenues from improvements to concession assets 1Revenues from improvements to concession assets (IFRIC-12) increased by Ps. 894.0 million, or 92.3%, compared to 2Q22. The change was composed of:
    1. Improvements to concession assets at the Company’s Mexican airports, which increased by Ps. 872.5 million, or 91.8%, due to increased investments under the Master Development Program for 2020-2024 period.
    2. Improvements to concession assets at the Company’s Jamaican airports, which increased Ps. 21.4 million, or 117.4%.

___________________________1 Revenues from improvements to concession assets are recognized in accordance with International Financial Reporting Interpretation Committee 12 “Service Concession Arrangements” (IFRIC 12). However, this recognition does not have a cash impact or 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. This is in accordance with the Company’s Master Development Programs in Mexico and Capital Development Programs 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. 1,312.5 million, or 42.5%, compared to 2Q22, mainly due to the increase from costs of improvements to concession assets (IFRIC-12) by Ps. 894.0 million, a combined increase of Ps. 214.0 million, or 32.2%, in concession taxes and technical assistance fees, an increase in the cost of services of Ps. 134.1 million, or 14.9%, and a Ps. 58.0 million, or 10.3%, increase in depreciation and amortization (excluding the cost of improvements to concession assets (IFRIC-12), operating costs increased Ps. 418.5 million, or 19.7%).

This increase in total operating costs was primarily due to the following factors:    Mexican airports:

  • Operating costs increased by Ps. 1,150.6 million, or 45.6%, compared to 2Q22, primarily due to a Ps. 872.5 million, or 91.8%, increase in the cost of improvements to the concession assets (IFRIC-12), Ps. 149.9 million, or 20.8%, increase in the cost of services, a combined Ps. 65.3 million, or 15.7%, increase in technical assistance fees and concession taxes, and a Ps. 53.8 million, or 12.2%, increase in depreciation and amortization (excluding the cost of improvements to the concession assets, operating costs increased by Ps. 278.1 million or 17.7%).

The change in the cost of services at our Mexican airports during 2Q23 was mainly due to:

  • Employee costs increased Ps. 87.9 million, or 29.7%, compared to 2Q22, mainly due to the hiring of 354 additional personnel during the second half of 2022 and during 6M23, mainly for the operation of business lines operated directly by us, as well as the adjustments in salaries and changes in Labor Law.
  • Other operating expenses increased Ps. 24.4 million, or 20.6%, compared to 2Q22, mainly due to a combined increase of Ps. 20.1 million in the cost of goods and services for our VIP lounges and convenience stores, due to the increase in sales of these business lines, the increase in FBO services, professional fees, and travel expenses.
  • Safety, security, and insurance costs increased Ps. 23.7 million, or 23.5%, compared to 2Q22, mainly due to an increase in the number of security staff, minimum wages and changes in Labor Law, and the opening of additional operational areas.
  • Utilities costs increased by Ps. 12.2 million, or 17.1%.

Jamaican Airports:

  • Operating costs increased by Ps. 161.9 million, or 28.6%, compared to 2Q22, mainly due to a Ps. 148.7 million, or 60.2%, increase in concession taxes, an increase in the cost of improvements to concession assets (IFRIC-12) by Ps.21.5 million, or 117.4%, offset by the decrease in the cost of services by Ps. 15.8 million, or 8.8%.

Operating income margin went from 53.2% in 2Q22 to 47.3% in 2Q23. Excluding the effects of IFRIC-12, the operating income margin went from 62.4% in 2Q22 to 60.9% in 2Q23. Income from operations increased by Ps. 437.0 million, or 12.4%, compared to 2Q22.

EBITDA margin went from 61.7% in 2Q22 to 54.7% in 2Q23. Excluding the effects of IFRIC-12, EBITDA margin went from 72.4% in 2Q22 to 70.4% in 2Q23. The nominal value of EBITDA increased by Ps. 495.1 million, or 12.1%, compared to 2Q22.

Financial result increased by Ps. 220.0 million, or 76.4%, from a net expense of Ps. 288.1 million in 2Q22 to a net expense of Ps. 508.1 million in 2Q23. This change was mainly the result of:

  • Foreign exchange rate fluctuations, which went from an income of Ps. 81.2 million in 2Q22 to a loss of Ps. 189.5 million in 2Q23. This generated a foreign exchange loss of Ps. 270.7 million. This was mainly due to the appreciation of the peso. The currency translation effect expense increased Ps. 220.6 million, compared to 2Q22.
  • Interest expenses increased by Ps. 194.1 million, or 32.9%, compared to 2Q22, mainly due to higher debt as a result of the issuance of long-term debt securities and the drawdown of credit lines, as well as the increase in interest rates.
  • Interest income increased by Ps. 244.8 million, or 109.6%, compared to 2Q22, mainly due to an increase in the reference interest rates.

In 2Q23, comprehensive income decreased by Ps. 197.1 million, or 8.8%, compared to 2Q22. Income before taxes increased by Ps. 217.0 million, mainly due to the increase in traffic and the commercial strategy. This growth generated an increase in income taxes of Ps. 93.2 million. However, net and comprehensive income decreased mainly due to the decrease of the effect of foreign currency translation in Ps. 220.6 million, and a decrease in cash flow hedges for Ps. 100.6 million.

During 2Q23, net income increased by Ps. 123.8 million, or 5.2%, compared to 2Q22. Taxes for the period increased by Ps. 93.2 million, income taxes decreased by Ps. 65.1 million and the benefit for deferred taxes decreased by Ps. 158.3 million, mainly due to a decrease in the inflation rate, from 1.5% in 2Q22 to 0.2% in 2Q23.

  Consolidated Results for the Six Months of 2023 (in thousands of pesos):        
    6M22 6M23 Change  
  Revenues        
  Aeronautical services 8,177,197   9,968,355   21.9 %  
  Non-aeronautical services 2,486,037   3,027,867   21.8 %  
  Improvements to concession assets (IFRIC-12) 1,959,448   3,703,338   89.0 %  
  Total revenues 12,622,682   16,699,561   32.3 %  
           
  Operating costs        
  Costs of services: 1,653,991   2,001,166   21.0 %  
  Employee costs 639,273   832,173   30.2 %  
  Maintenance 286,247   306,998   7.2 %  
  Safety, security & insurance 262,817   322,954   22.9 %  
  Utilities 215,650   222,663   3.3 %  
  Other operating expenses 250,004   316,378   26.5 %  
           
  Technical assistance fees 364,372   442,717   21.5 %  
  Concession taxes 873,223   1,266,621   45.1 %  
  Depreciation and amortization 1,127,647   1,239,226   9.9 %  
  Cost of improvements to concession assets (IFRIC-12) 1,959,448   3,703,338   89.0 %  
  Other (income) (18,473 ) 12,796   (169.3 %)  
  Total operating costs 5,960,209   8,665,865   45.4 %  
  Income from operations 6,662,473   8,033,696   20.6 %  
  Financial Result (561,063 ) (1,182,435 ) 110.7 %  
  Income before income taxes 6,101,411   6,851,261   12.3 %  
  Income taxes (1,409,324 ) (1,797,604 ) 27.6 %  
  Net income 4,692,087   5,053,657   7.7 %  
  Currency translation effect (339,551 ) (814,582 ) 139.9 %  
   Cash flow hedges, net of income tax 137,387   (37,751 ) (127.5 %)  
  Remeasurements of employee benefit – net income tax 205   599   (192.2 %)  
  Comprehensive income 4,490,128   4,201,923   (6.4 %)  
  Non-controlling interest (70,658 ) (8,217 ) (88.4 %)  
  Comprehensive income attributable to controlling interest 4,419,471   4,193,706   (5.1 %)  
           
           
    6M22 6M23 Change  
  EBITDA 7,790,121   9,272,922   19.0 %  
  Comprehensive income 4,490,128   4,201,923   (6.4 %)  
  Comprehensive income per share (pesos) 8.8300   8.3161   (5.8 %)  
  Comprehensive income per ADS (US dollars) 5.1505   4.8507   (5.8 %)  
           
  Operating income margin 52.8 % 48.1 % (8.9 %)  
  Operating income margin (excluding IFRIC-12) 62.5 % 61.8 % (1.1 %)  
  EBITDA margin 61.7 % 55.5 % (10.0 %)  
  EBITDA margin (excluding IFRIC-12) 73.1 % 71.4 % (2.3 %)  
  Costs of services and improvements / total revenues 28.6 % 34.2 % 19.3 %  
  Cost of services / total revenues (excluding IFRIC-12) 15.5 % 15.4 % (0.7 %)  
           
           

- Net income and comprehensive income per share for 6M23 were calculated based on 505,277,464 shares outstanding as of June 30, 2023, and for 6M22 were calculated based on 508,510,018 shares outstanding as of June 30, 2022. U.S. dollar figures presented were converted from pesos to U.S. dollars at a rate of Ps. 17.1439 per U.S. dollar (the noon buying rate on June 30, 2023, as published by the U.S. Federal Reserve Board). - For purposes of the consolidation of the airports in Jamaica, the average six-month exchange rate of Ps. 18.2123 per U.S. dollar for the six months ended June 30, 2023, was used.

Revenues (6M23 vs. 6M22)

  • Aeronautical services revenues increased by Ps. 1,791.2 million, or 21.9%.
  • Non-aeronautical services revenues increased by Ps. 541.8 million, or 21.8%.
  • Revenues from improvements to concession assets increased by Ps. 1,743.9 million, or 89.0%.
  • Total revenues increased by Ps. 4,076.9 million, or 32.3%.
  • The change in aeronautical services revenues was composed primarily of the following factors:
    1. Revenues at our Mexican airports increased by Ps. 1,582.8 million, or 22.8%, compared to 6M22, mainly due to the 17.1% increase in passenger traffic, as well as 99.0% compliance with the maximum tariffs and the inflation by 0.9%.
    2. Revenues from Jamaican airports increased by Ps. 208.4 million, or 16.9%, compared to 6M22. This was mainly due to the 28.2% increase in passenger traffic but offset by an appreciation of the peso against the dollar compared to 6M22 of 10.2%, which went from an average exchange rate of Ps. 20.8022 in 6M22 to Ps. 18.2123 in 6M23, which represented a decrease in revenues in pesos.
  • The change in non-aeronautical services revenues was composed primarily of the following factors :
    1. Revenues at our Mexican airports increased by Ps. 466.6 million, or 22.7%, compared to 6M22. Revenues from businesses operated by third parties increased by Ps. 234.4 million, or 17.0%. This was mainly due to the recovery of passenger traffic, the opening of new commercial spaces, and the renegotiation of existing contracts. The business lines that increased the most were food and beverage, retail, leasing of space, car rentals, ground transportation, and duty-free stores, which jointly increased by Ps. 226.2 million, or 19.7%. Revenues from businesses operated directly by us increased by Ps. 226.1 million, or 38.1%, while the recovery of costs increased by Ps. 6.2 million, or 7.5%. Commercial revenues in U.S. dollars represent 26% of non-aeronautical revenues, therefore the appreciation of the peso during 6M23 affected that revenue by approximately 2.6%.
    2. Revenues from the Jamaican airports increased by Ps. 75.2 million, or 17.5%, compared to 6M22. The business lines that increased the most were duty-free stores, retail, food and beverage, and leasing of space, which jointly increased by Ps. 68.6 million, or 21.8%. Revenues in U.S. dollars increased by US$ 6.5 million, or 36.9%.
    6M22 6M23 Change  
  Businesses operated by third parties:        
  Food and beverage 373,749 498,691 33.4 %  
  Duty-free 341,795 390,019 14.1 %  
  Retail 296,652 355,770 19.9 %  
  Car rentals 262,211 282,864 7.9 %  
  Leasing of space 143,152 173,334 21.1 %  
  Time shares 119,370 116,383 (2.5 %)  
  Ground transportation 85,251 98,405 15.4 %  
  Communications and financial services 50,951 59,506 16.8 %  
  Other commercial revenues 96,352 87,662 (9.0 %)  
  Total 1,769,484 2,062,635 16.6 %  
           
  Businesses operated directly by us:        
  Car parking 252,109 341,061 35.3 %  
  VIP lounges 175,067 213,978 22.2 %  
  Advertising 142,990 231,754 62.1 %  
  Convenience stores 37,240 64,119 72.2 %  
  Total 607,406 850,911 40.1 %  
  Recovery of costs 109,148 114,321 4.7 %  
  Total Non-aeronautical Revenues 2,486,038 3,027,867 21.8 %  
           

Figures expressed in thousands of Mexican pesos.

  • Revenues from improvements to concession assets2 Revenues from improvements to concession assets (IFRIC12) increased by Ps. 1,743.9 million, or 89.0%, compared to 6M22. The change was composed primarily of:
    1. The Company’s Mexican airports, which increased by Ps. 1,739.3 million, or 91.2%, due to increased investments under the Master Development Program for 2020-2024 period.
    2. Improvements to concession assets at the Company’s Jamaican airports, which increased Ps. 4.6 million, or 8.7%.

_____________________________[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. 2,705.7 million, or 45.4%, compared to 6M22, mainly due to a Ps. 1,743.9 million, or 89.0% increase in the cost of improvements to the concession assets (IFRIC12), a combined Ps. 471.7 million, or 38.1%, increase in concession taxes and technical assistance fees, a Ps. 347.2 million, or 21.0%, increase in cost of services, and a Ps. 111.6 million, or 9.9%, increase in depreciation and amortization (excluding the cost of improvements to concession assets, operating costs increased Ps. 961.8 million, or 24.0%).

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

  • Operating costs increased by Ps. 2,407.2 million, or 49.5%, compared to 6M22, primarily due to a Ps. 1,739.3 million, or 91.2%, increase in the cost of improvements to the concession assets (IFRIC12), a Ps. 373.7 million, or 29.0%, increase in cost of services, a combined Ps. 170.7 million, or 21.5%, increase in technical assistance fees and concession taxes, a Ps. 105.5 million, or 12.0%, increase in depreciation and amortization, (excluding the cost of improvements to the concession assets, operating costs increased by Ps. 667.9 million or 22.6%).

The change in the cost of services during 6M23 was mainly due to:

  • Employee costs increased Ps. 198.2 million, or 37.1%, compared to 6M22, mainly due to the hiring of 174 additional personnel during 2022 and 180 during 6M23, as well as the adjustments in salaries and changes in Labor Law.
  • Other operating expenses increased Ps. 67.2 million, or 31.5%, compared to 6M22, mainly due to a combined increase of Ps. 66.7 million in the cost of goods and services for our VIP lounges and convenience stores, due to the increase in the operation and revenues from these business lines, FBO services, the allowance for credit losses, and travel expenses.
  • Safety, security and insurance costs increased Ps. 60.5 million, or 31.4%, compared to 6M22, mainly due to an increase in the number of security staff, increase in minimum wages, changes in Labor Law and the opening of additional operational areas.
  • Utilities increased by Ps. 28.9 million, or 23.9%, compared to 6M22.

Jamaican Airports:

  • Operating costs increased by Ps. 298.5 million, or 27.2%, compared to 6M22, mainly due to a Ps. 301.0 million, or 68.0%, increase in concession taxes, Ps. 6.0 million, or 2.4%, increase in depreciation and amortization, Ps. 4.6 million, or 8.7%, in the cost of improvements to concession assets (IFRIC-12) offset by the decrease in cost of services by Ps. 26.5 million, or 7.3%, mainly due to the appreciation of the peso by 10.2%, which represented a decrease in the cost in pesos.

Operating margin went from 52.8% in 6M22 to 48.1% in 6M23. Excluding the effects of IFRIC-12, operating margin went from 62.5% in 6M22 to 61.8% in 6M23. Operating income increased Ps. 1,371.2 million, or 20.6%, compared to 6M22.

EBITDA margin went from 61.7% in 6M22 to 55.5% in 6M23. Excluding the effects of IFRIC-12, EBITDA margin went from 73.1% in 6M22 to 71.4% in 6M23. The nominal value of EBITDA increased Ps. 1,482.8 million, or 19.0%, compared to 6M22.

Financial cost increased by Ps. 621.4 million, or 110.7%, from a net expense of Ps. 561.1 million in 6M22 to a net expense of Ps. 1,182.5 million in 6M23. This change was mainly the result of:

  • Foreign exchange rate fluctuations, which went from income of Ps. 133.9 million in 6M22 to a loss of Ps. 356.5 million in 6M23. This generated an increase in the foreign exchange loss of Ps. 490.4 million, due to the peso appreciation. Currency translation effect expense increased Ps. 475.0 million, compared to 6M22.
  • Interest expenses increased by Ps. 530.9 million, or 50.1%, compared to 6M22, mainly due to the increase in debt due to the issuance of bond certificates and the contracting of bank loans, as well as the substantial increase in interest rates.
  • Interest income increased by Ps. 399.9 million, or 107.8%, compared to 6M22, mainly due to an increase in the reference interest rates.

In 6M23, comprehensive income decreased by Ps. 288.2 million, or 6.4%, compared to 6M22. Income before taxes increased by Ps. 749.8 million, mainly due to the increase in traffic and the commercial strategy. This growth generated an increase in income taxes of Ps. 388.3 million. However, net and comprehensive income decreased mainly due to the decrease of the effect of foreign currency translation in Ps. 475.0 million, and a decrease in cash flow hedges for Ps. 175.1 million.

During 6M23, net income increased by Ps. 361.6 million, or 7.7%, compared to 6M22. Taxes for the period increased by Ps. 388.3 million, income taxes increased by Ps. 153.9 million, and the benefit for deferred taxes decreased by Ps. 234.4 million, mainly due to a decrease in the inflation rate, from 4.0% in 6M22 to 1.5% in 6M23.

Statement of Financial Position

Total assets as of June 30, 2023 increased by Ps. 9,979.9 million compared to June 30, 2022, primarily due to the following items: (i) a Ps. 8,017.1 million increase in net improvements to concession assets; (ii) a Ps. 1,431.4 million increase in cash and cash equivalents, (iii) a Ps. 804.1 million combined increase in net machinery, equipment, and leasehold improvements, and advances to suppliers, and (iv) a Ps. 199.2 million increase in account receivables, among others.        Total liabilities as of June 30, 2023 increased by Ps. 9,846.0 million compared to June 30, 2022. This increase was primarily due to the following items: (i) issuance of Ps. 5,255.6 million (net) in long-term debt securities, (ii) Ps. 3,323.3 million in bank loans, and (iii) Ps. 1,947.9 million in dividends to be paid. This increase was partially offset by decrease of: (i) Ps. 483.3 million in accounts payable, and (ii) Ps. 170.1 million deferred taxes, among others.

Recent events

In accordance with the results as of June 30, 2023, as well as traffic growth expectations, the Company updates the growth guidance for the year 2023: 

GUIDANCE 2023 vs 2022
Passenger traffic 10% - 12%
Aeronautical revenues 13% - 15%
Non-aeronautical revenues 16% - 18%
Total Revenue 14% - 16%
EBITDA 12% - 14%
Margin EBITDA 70% +- 1%
CAPEX Ps. 11.9 billion

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 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 2Q22 2Q23 Change 6M22 6M23 Change  
Guadalajara              
Aeronautical services 1,091,357 1,350,769 23.8 % 2,071,302 2,660,000 28.4 %  
Non-aeronautical services 216,792 255,604 17.9 % 422,229 497,278 17.8 %  
Improvements to concession assets (IFRIC 12) 499,974 828,734 65.8 % 999,947 1,657,468 65.8 %  
Total Revenues 1,808,122 2,435,108 34.7 % 3,493,478 4,814,745 37.8 %  
Operating income 910,971 1,129,369 24.0 % 1,731,102 2,252,481 30.1 %  
EBITDA 1,022,052 1,243,711 21.7 % 1,958,926 2,479,273 26.6 %  
               
Tijuana              
Aeronautical services 648,990 739,753 14.0 % 1,195,550 1,419,294 18.7 %  
Non-aeronautical services 132,349 155,897 17.8 % 250,104 302,604 21.0 %  
Improvements to concession assets (IFRIC 12) 85,505 140,836 (64.7 %) 171,011 281,673 64.7 %  
Total Revenues 866,845 1,036,486 19.6 % 1,616,666 2,003,571 23.9 %  
Operating income 530,526 542,577 2.3 % 984,083 1,084,159 10.2 %  
EBITDA 615,010 638,273 3.8 % 615,010 1,281,278 108.3 %  
               
Los Cabos              
Aeronautical services 716,852 784,131 9.4 % 1,346,328 1,607,142 19.4 %  
Non-aeronautical services 282,441 306,352 8.5 % 539,293 606,079 12.4 %  
Improvements to concession assets (IFRIC 12) 63,265 249,608 294.5 % 126,531 499,216 294.5 %  
Total Revenues 1,062,558 1,340,091 26.1 % 2,012,152 2,712,436 34.8 %  
Operating income 726,211 728,539 0.3 % 1,366,159 1,564,602 14.5 %  
EBITDA 802,926 810,393 0.9 % 1,515,514 1,726,906 13.9 %  
               
Puerto Vallarta              
Aeronautical services 581,969 653,046 12.2 % 1,178,108 1,457,307 23.7 %  
Non-aeronautical services 145,901 154,164 5.7 % 273,835 312,396 14.1 %  
Improvements to concession assets (IFRIC 12) 199,303 403,557 102.5 % 398,606 807,114 102.5 %  
Total Revenues 927,173 1,210,767 30.6 % 1,850,548 2,576,817 39.2 %  
Operating income 537,447 524,200 (2.5 %) 1,094,742 1,242,447 13.5 %  
EBITDA 587,085 577,211 (1.7 %) 1,190,105 1,352,465 13.6 %  
               
Montego Bay              
Aeronautical services 447,794 451,848 0.9 % 834,615 956,994 14.7 %  
Non-aeronautical services 177,388 199,883 12.7 % 331,340 398,583 20.3 %  
Improvements to concession assets (IFRIC 12) 18,299 39,852 117.8 % 53,106 55,041 3.6 %  
Total Revenues 643,481 691,583 7.5 % 1,219,062 1,410,618 15.7 %  
Operating income 313,902 226,072 (28.0 %) 558,297 536,691 (3.9 %)  
EBITDA 433,339 345,161 (20.3 %) 801,256 776,096 (3.1 %)  
               
               
Exhibit A: Operating results by airport (in thousands of pesos):         
Airport 2Q22 2Q23 Change 6M22 6M23 Change  
Guanajuato              
Aeronautical services 178,794 229,118 28.1 % 339,014 443,007 30.7 %  
Non-aeronautical services 36,530 47,585 30.3 % 73,570 89,476 21.6 %  
Improvements to concession assets (IFRIC 12) 10,647 70,722 677.3 % 21,294 141,445 564.3 %  
Total Revenues 225,971 347,425 53.7 % 433,878 673,928 55.3 %  
Operating income 137,343 183,794 33.8 % 265,810 358,990 35.1 %  
EBITDA 158,241 205,235 29.7 % 306,696 403,252 31.5 %  
               
Hermosillo              
Aeronautical services 117,613 126,924 7.9 % 210,503 243,509 15.7 %  
Non-aeronautical services 20,277 22,341 10.2 % 35,922 42,770 19.1 %  
Improvements to concession assets (IFRIC 12) 16,897 14,439 (14.5 %) 33,793 28,879 (14.5 %)  
Total Revenues 154,787 163,704 5.8 % 280,219 315,158 12.5 %  
Operating income 73,020 77,891 6.7 % 127,608 145,821 14.3 %  
EBITDA 95,217 102,801 8.0 % 170,926 102,801 (39.9 %)  
               
Others (1)              
Aeronautical services 539,595 604,093 12.0 % 1,001,775 1,181,102 17.9 %  
Non-aeronautical services 102,952 108,619 5.5 % 196,756 215,283 9.4 %  
Improvements to concession assets (IFRIC 12) 75,104 115,227 53.4 % 155,159 232,504 49.8 %  
Total Revenues 717,651 827,940 15.4 % 1,353,692 1,628,890 20.3 %  
Operating income 186,228 185,435 (0.4 %) 342,672 377,180 10.1 %  
EBITDA 258,707 266,545 3.0 % 485,079 541,238 11.6 %  
               
Total              
Aeronautical services 4,322,963 4,939,681 14.3 % 8,177,196 9,968,355 21.9 %  
Non-aeronautical services 1,114,629 1,250,446 12.2 % 2,123,050 2,464,468 16.1 %  
Improvements to concession assets (IFRIC 12) 968,994 1,862,976 92.3 % 1,959,448 3,703,338 89.0 %  
Total Revenues 6,406,585 8,053,102 25.7 % 6,406,585 16,136,162 151.9 %  
Operating income 3,415,645 3,597,874 5.3 % 6,470,471 7,562,371 16.9 %  
EBITDA 3,972,578 4,189,330 5.5 % 7,571,004 8,663,310 14.4 %  
               

(1) Others include the operating results of the Aguascalientes, La Paz, Los Mochis, Manzanillo, Mexicali, Morelia, and Kingston airports.

  Exhibit B: Consolidated statement of financial position as of June 30 (in thousands of pesos):      
    2022   2023   Change %  
  Assets          
  Current assets          
  Cash and cash equivalents 13,489,562   14,920,952   1,431,390   10.6 %  
  Trade accounts receivable - Net 1,964,410   2,163,559   199,150   10.1 %  
  Other current assets 696,457   761,775   65,318   9.4 %  
  Total current assets 16,150,429   17,846,286   1,695,858   10.5 %  
             
  Advanced payments to suppliers 1,619,117   2,262,121   643,004   39.7 %  
  Machinery, equipment and improvements to leased buildings - Net 3,586,973   3,748,101   161,128   4.5 %  
  Improvements to concession assets - Net 17,098,809   25,115,894   8,017,085   46.9 %  
  Airport concessions - Net 10,000,663   9,032,955   (967,708 ) (9.7 %)  
  Rights to use airport facilities - Net 1,171,708   1,098,311   (73,397 ) (6.3 %)  
  Deferred income taxes - Net 6,469,200   6,936,249   467,049   7.2 %  
  Other non-current assets 555,287   592,131   36,844   6.6 %  
  Total assets 56,652,186   66,632,048   9,979,862   17.6 %  
             
  Liabilities          
  Current liabilities 10,301,328   15,917,020   5,615,692   54.5 %  
  Long-term liabilities 29,953,067   34,183,379   4,230,313   14.1 %  
  Total liabilities 40,254,394   50,100,399   9,846,005   24.5 %  
             
  Stockholders' Equity          
  Common stock 8,197,536   8,197,536   -   0.0 %  
  Legal reserve 34,076   478,185   444,109   1303.3 %  
  Net income 4,607,230   4,971,095   363,865   7.9 %  
  Retained earnings 136,704   244,657   107,953   79.0 %  
  Reserve for share repurchase 2,499,473   1,500,000   (999,473 ) (40.0 %)  
  Repurchased shares (1,075,703 ) -   1,075,703   (100.0 %)  
  Foreign currency translation reserve 708,882   (164,704 ) (873,586 ) (123.2 %)  
  Remeasurements of employee benefit – Net 5,416   14,613   9,197   (169.8 %)  
  Cash flow hedges- Net 167,051   92,871   (74,180 ) 44.4 %  
  Total controlling interest 15,280,665   15,334,253   53,588   0.4 %  
  Non-controlling interest 1,117,126   1,197,396   80,269   7.2 %  
  Total stockholder's equity 16,397,791   16,531,649   133,857   0.8 %  
             
  Total liabilities and stockholders' equity 56,652,186   66,632,048   9,979,862   17.6 %  
             

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):       
    2Q22 2Q23 Change 6M22 6M23 Change
  Cash flows from operating activities:            
  Consolidated net income 2,364,636   2,488,426   5.2 % 4,692,089   5,053,657   7.7 %
               
  Postemployment benefit costs 8,527   11,236   31.8 % 17,132   22,450   31.0 %
  Allowance expected credit loss (2,161 ) (10,478 ) 384.9 % (3,845 ) 6,397   (266.4 %)
  Depreciation and amortization 563,114   621,155   10.3 % 1,127,647   1,239,226   9.9 %
  Loss on sale of machinery, equipment and improvements to leased assets 2,069   674   67.4 % 2,359   684   (71.0 %)
  Interest expense 568,881   990,273   74.1 % 1,044,288   1,810,604   73.4 %
  Provisions 5,052   6,079   20.3 % 12,539   11,904   (5.1 %)
  Income tax expense 865,835   959,062   10.8 % 1,409,324   1,797,604   27.6 %
  Unrealized exchange loss (57,193 ) (163,141 ) 185.2 % (181,512 ) (327,129 ) 80.2 %
  Net (gain) on derivative financial instruments (172 ) -   (100.0 %) (6,937 ) -   (100.0 %)
    4,318,588   4,903,286   13.5 % 8,113,085   9,615,397   18.5 %
  Changes in working capital:            
  (Increase) decrease in            
  Trade accounts receivable (129,179 ) (42,086 ) (67.4 %) (250,644 ) 164,377   (165.6 %)
  Recoverable tax on assets and other assets 313,306   (297,851 ) (195.1 %) 439,041   (192,452 ) (143.8 %)
  Increase (decrease)            
  Concession taxes payable (572 ) 121,674   (21371.7 %) (38,062 ) 116,165   (405.2 %)
  Accounts payable 129,053   (484,204 ) (475.2 %) (63,716 ) (361,662 ) 467.6 %
  Cash generated by operating activities 4,631,196   4,200,819   (9.3 %) 8,199,705   9,341,825   13.9 %
  Income taxes paid (1,363,552 ) (1,684,760 ) 23.6 % (2,763,408 ) (2,780,052 ) 0.6 %
  Net cash flows provided by operating activities 3,267,644   2,516,059   (23.0 %) 5,436,297   6,561,773   20.7 %
               
  Cash flows from investing activities:            
  Machinery, equipment and improvements to concession assets (1,978,035 ) (2,757,380 ) 39.4 % (3,095,635 ) (5,634,368 ) 82.0 %
  Cash flows from sales of machinery and equipment 176   273   55.1 % 283   841   197.2 %
  Other investment activities (5,545 ) 4,476   (180.7 %) (28,219 ) 15,967   (156.6 %)
  Net cash used by investment activities (1,983,404 ) (2,752,631 ) 38.8 % (3,123,570 ) (5,617,560 ) 79.8 %
               
  Cash flows from financing activities:            
  Dividends declared and paid (3,675,745 ) (1,874,579 ) (49.0 %) (3,675,745 ) (1,874,579 ) 49.0 %
  Dividends declared and paid non-controlling interest (155,159 ) -   (100.0 %) (155,159 ) -   100.0 %
  Bond certificates issued -   -   0.0 % 5,000,000   5,400,000   8.0 %
  Bond certificates paid -   (602,000 ) 100.0 % (1,500,000 ) (602,000 ) 59.9 %
  Bank loans paid (81,129 ) (72,849 ) (10.2 %) (3,959,132 ) (72,849 ) (98.2 %)
  Banks loans -   -   0.0 % 3,872,783   1,000,000   (74.2 %)
  Repurchase of shares (576,230 ) -   (100.0 %) (1,075,703 ) -   (100.0 %)
  Interest paid (581,227 ) (900,997 ) 55.0 % (941,482 ) (1,675,270 ) 77.9 %
  Interest paid on lease (1,468 ) (1,169 ) (20.4 %) (2,661 ) (2,417 ) (9.2 %)
  Payments of obligations for leasing (4,217 ) (4,161 ) (1.3 %) (7,704 ) (8,324 ) 8.1 %
  Net cash flows used in financing activities (5,075,175 ) (3,455,755 ) (31.9 %) (2,444,803 ) 2,164,561   (188.5 %)
               
  Effects of exchange rate changes on cash held 380,609   (277,594 ) (172.9 %) 288,762   (559,286 ) (293.7 %)
  Net increase (decrease) in cash and cash equivalents (3,410,326 ) (3,969,921 ) 16.4 % 156,685   2,549,488   1527.1 %
  Cash and cash equivalents at beginning of the period 16,899,887   18,890,873   11.8 % 13,332,877   12,371,464   (7.2 %)
  Cash and cash equivalents at the end of the period 13,489,562   14,920,952   10.6 % 13,489,562   14,920,952   10.6 %
               
  Exhibit D: Consolidated statements of profit or loss and other comprehensive income (in thousands of pesos):        
    2Q22 2Q23 Change 6M22 6M23 Change  
  Revenues              
  Aeronautical services 4,322,965   4,939,681   14.3 % 8,177,197   9,968,355   21.9 %  
  Non-aeronautical services 1,318,125   1,556,984   18.1 % 2,486,037   3,027,867   21.8 %  
  Improvements to concession assets (IFRIC-12) 968,994   1,862,976   92.3 % 1,959,448   3,703,338   89.0 %  
  Total revenues 6,610,084   8,359,641   26.5 % 12,622,682   16,699,561   32.3 %  
                 
  Operating costs              
  Costs of services: 900,467   1,034,528   14.9 % 1,653,991   2,001,166   21.0 %  
  Employee costs 350,755   435,239   24.1 % 639,273   832,173   30.2 %  
  Maintenance 161,217   161,331   0.1 % 286,247   306,998   7.2 %  
  Safety, security & insurance 136,643   155,476   13.8 % 262,817   322,954   22.9 %  
  Utilities 119,569   118,412   (1.0 %) 215,650   222,663   3.3 %  
  Other operating expenses 132,283   164,070   24.0 % 250,004   316,378   26.5 %  
                 
  Technical assistance fees 190,226   220,479   15.9 % 364,372   442,717   21.5 %  
  Concession taxes 473,457   657,228   38.8 % 873,223   1,266,621   45.1 %  
  Depreciation and amortization 563,114   621,155   10.3 % 1,127,647   1,239,226   9.9 %  
  Cost of improvements to concession assets (IFRIC-12) 968,994   1,862,976   92.3 % 1,959,448   3,703,338   89.0 %  
  Other (income) (4,761 ) 7,652   (260.7 %) (18,473 ) 12,796   (169.3 %)  
  Total operating costs 3,091,497   4,404,018   42.5 % 5,960,209   8,665,865   45.4 %  
  Income from operations 3,518,587   3,955,623   12.4 % 6,662,473   8,033,696   20.6 %  
  Financial Result (288,117 ) (508,135 ) 76.4 % (561,063 ) (1,182,435 ) 110.7 %  
  Income before income taxes 3,230,470   3,447,488   6.7 % 6,101,411   6,851,261   12.3 %  
  Income taxes (865,835 ) (959,062 ) 10.8 % (1,409,324 ) (1,797,604 ) 27.6 %  
  Net income 2,364,635   2,488,426   5.2 % 4,692,087   5,053,657   7.7 %  
  Currency translation effect (161,220 ) (381,807 ) 136.8 % (339,551 ) (814,582 ) 139.9 %  
   Cash flow hedges, net of income tax 45,635   (54,924 ) (220.4 %) 137,387   (37,751 ) (127.5 %)  
  Remeasurements of employee benefit – net income tax 103   318   208.7 % 205   599   (192.2 %)  
  Comprehensive income 2,249,153   2,052,013   (8.8 %) 4,490,128   4,201,923   (6.4 %)  
  Non-controlling interest (51,631 ) (4,355 ) (91.6 %) (70,658 ) (8,217 ) (88.4 %)  
  Comprehensive income attributable to controlling interest 2,197,522   2,047,657   (6.8 %) 4,419,471   4,193,706   (5.1 %)  
                 

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 Reserve 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, 2022 170,381 1,592,551   5,531,292   (3,000,036 ) 13,925,091   1,069,102   19,288,380   1,140,220   20,428,600  
Legal Reserve cancellation - (1,558,475 ) -   -   1,558,475   -   -   -   -  
Capitalization of retained earnings 8,027,155 -   -   -   (8,027,155 ) -   -   -   -  
Dividends declared - -   -   -   (7,351,490 ) -   (7,351,490 ) -   (7,351,490 )
Repurchased share cancellation - -   (3,000,036 ) 3,000,036   -   -   -   -   -  
Reserve for share purchase - -   (31,782 ) -   31,782   -   -   -   -  
Dividends declared non-controlling interest - -   -   -   -   -   -   (93,751 ) (93,751 )
Repurchased share - -   -   - 1,075,703   -   -   (1,075,703 ) -   (1,075,703 )
Comprehensive income:                  
Net income - -   -   -   4,607,229   -   4,607,229   84,857   4,692,087  
Foreign currency translation reserve - -   -   -   -   (325,351 ) (325,351 ) (14,199 ) (339,550 )
Remeasurements of employee benefit – Net - -   -   -   -   205   205   -   205  
Reserve for cash flow hedges – Net of income tax - -   -   -   -   137,387   137,387   -   137,387  
Balance as of June 30, 2022 8,197,536 34,076   2,499,473   (1,075,703 ) 4,743,933   881,343   15,280,657   1,117,127   16,397,791  
                   
Balance as of January 1, 2023 8,197,536 34,076   2,499,473   (1,999,987 ) 9,187,597   720,171   18,638,867   1,189,179   19,828,046  
Legal reserve cancellation - 444,109   -   -   (444,109 ) -   -   -   -  
Dividends declared - -   -   -   (7,498,318 ) -   (7,498,318 ) -   (7,498,318 )
Cancellation repurchased shares - -   (1,999,987 ) 1,999,987   -   -   -   -   -  
Reserve for share purchase - -   1,000,514   -   (1,000,514 ) -   -   -   -  
Comprehensive income:                  
Net income - -   -   -   4,971,095   -   4,971,095   82,560   5,053,655  
Foreign currency translation reserve - -   -   -   -   (740,239 ) (740,239 ) (74,343 ) (814,582 )
Remeasurements of employee benefit – Net - -   -   -   -   599   599   -   599  
Reserve for cash flow hedges – Net of income tax - -   -   -   -   (37,751 ) (37,751 ) -   (37,751 )
Balance as of June 30, 2023 8,197,536 478,185   1,500,000   -   5,215,751   (57,220 ) 15,334,253   1,197,396   16,531,649  
                   

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 to be prepared in accordance with IFRS, as issued by the IASB.

Exhibit F: Other operating data:            
  2Q22 2Q23 Change 6M22 6M23 Change
Total passengers 14,083.7 15,876.1 12.7 % 26,665.3 34,956.1 31.1 %
Total cargo volume (in WLUs) 677.0 621.3 (8.2 %) 1,303.6 1,253.7 (3.8 %)
Total WLUs 14,760.7 16,497.4 11.8 % 27,968.9 36,209.8 29.5 %
             
Aeronautical & non aeronautical services per passenger (pesos) 400.6 409.2 2.2 % 399.9 371.8 (7.0 %)
Aeronautical services per WLU (pesos) 292.9 299.4 2.2 % 292.4 275.3 (5.8 %)
Non aeronautical services per passenger (pesos) 93.6 98.1 4.8 % 93.2 86.6 (7.1 %)
Cost of services per WLU (pesos) 61.0 62.7 2.8 % 59.1 55.3 (6.5 %)
             
             

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

Alejandra Soto, Investor Relations and Social Responsibility Officer asoto@aeropuertosgap.com.mx
Gisela Murillo, Investor Relations gmurillo@aeropuertosgap.com.mx/+52 33 3880 1100 ext. 20294

 

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